Equitix Secured €48 Million Financing with BBVA for the Upgrade of a Biogas-to-Biomethane Portfolio in Northern Italy

In August 2025, ValeCap acted as exclusive financial advisor to Enerfarm S.r.l. (the “Borrower”), a company fully owned by funds managed by Equitix Investment Management Ltd (“Equitix”), in securing a €48 million project financing package arranged by Banco Bilbao Vizcaya Argentaria S.A., Milan Branch (“BBVA”).

The financing supports the upgrade of four operating biogas plants, all located in Northern Italy, for the production of biomethane. The plants, owned by dedicated SPVs controlled by the Borrower, will benefit from the incentive framework under the Ministerial Decree of September 15, 2022 (“DM 2022”), which provides a 15-year incentive tariff and a public grant covering up to 40% of construction costs.

The transaction was structured as a HoldCo financing, comprising a €38 million senior term loan, an €8 million VAT facility, and a €2 million debt service reserve facility, all provided by BBVA. The senior facility is long-term, fully amortizing, and includes an availability period of 1.5 years, with multiple drawdowns linked to construction progress.

The financing will fund capital expenditures for the plant upgrades, cover financing costs, and support working capital requirements related to securing feedstock.

Equitix, headquartered in London, is one of the most established global infrastructure investors, with over €13 billion in assets under management, a portfolio of more than 360 assets, and a team of over 300 professionals across multiple sectors, including energy transition, renewables, and social infrastructure.

This transaction reinforces ValeCap’s strong track record in renewable gas and energy transition financing, supporting institutional investors in mobilizing capital toward sustainable infrastructure.