Client:
Sunprime
Date:
July 2024
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 204 mm
With:
In July 2024, ValeCap acted as exclusive financial and model advisor to Sunprime Group on the successful closing of a EUR 204 million long-term financing package for the construction of a 220 MW greenfield solar photovoltaic portfolio across Italy. This complex transaction — jointly underwritten by the European Investment Bank (EIB) and Natixis Corporate & Investment Banking — represents one of the largest construction financings for a highly fragmented solar portfolio ever executed in the Italian market.
Portfolio Highlights
The portfolio consists of more than 100 projects, including both rooftop and ground-mounted installations, with an average capacity of about 1.5 MW per project. Once fully operational, the plants are expected to generate approximately 275 GWh annually, equivalent to the energy needs of over 105,000 households, and to avoid around 2.35 million tonnes of CO₂ emissions over their lifetime.
About Sunprime
Sunprime is a leading Italian independent power producer specialising in the development, construction, and operation of solar PV assets. As of July 2024, the company managed over 180 MW of operational capacity and was backed by Noy Infrastructure & Energy Investment Fund, with USD 2.5 billion in assets under management, and Nofar Energy, a Tel Aviv-listed renewable energy developer.
About the Lenders
The EIB is the European Union’s lending arm, providing finance and expertise for sustainable investment projects that contribute to EU policy objectives.
Natixis Corporate & Investment Banking (Natixis CIB) is a global financial institution offering advisory, financing, capital markets, and investment solutions, with a strong track record in renewable energy and infrastructure transactions.
Revenue Model
Around 65% of revenues are expected to come from projects benefiting from the FER 19 and FER x CfD incentive scheme, providing stable long-term cash flows. The remaining 35% will be generated through a combination of long-term power purchase agreements and merchant market sales, ensuring a diversified and resilient revenue profile.
Financing Structure
The facility has a 20-year tenor and a 2.5-year availability period, enabling staged drawdowns, in different tranches, in line with project milestones from Ready-to-Build to completion. The financing qualifies as a Green Loan under the Loan Market Association’s Green Loan Principles.
Strategic Significance
This transaction underscores ValeCap’s expertise in structuring and executing large-scale, multi-asset renewable energy financings, and reinforces its position as a trusted partner for innovative clean energy transactions in the Italian market.