25.2 MW Italian biomass plant raises project financing

Banca IMI as Agent Bank, Mediocredito Italiano S.p.A., UBI Banca S.p.A. and Cassa dei Risparmi di Forlì e della Romagna S.p.A. has providede €60 million (US$ 70,37 million) project financing for a 25.2 MW biomass plant located in Sant’Agata di Puglia Municipality in Foggia, Apulia Region, Italy.

International law firm Watson Farley & Williams has advised the syndicate of banks. L&B Partners Avvocati Associati acted as Sponsors’ legal counsel, and L&B Partners S.p.A. as their financial advisers.

The plant, which is owned by Agritre S.r.l., is one of the largest operational biomass plants currently active in Italy.  Its sponsors include French private equity fund Ardian and Italian renewable energy storage system design specialists Tozzi Green S.p.A.

The plant will generate approximately 188,000 MWh of electricity per year from solid biomass of plant origin (cereal straw), meeting the energy needs of more than 47,000 households and provide clear environmental benefits in line with the circular economy principles promoted by the EU.