Italy-based Tages Capital, through Tages Helios Fund, and Delos Power, a JV between Tages Capital and Renam has announced the refinancing of the whole portfolio of solar plants acquired from First Reserve.
The €162 million (US$170 million) loan facility has been issued by Banca Imi, Bnp Paribas, Intesa Sanpaolo, Natixis and Unicredit.
As we reported in late August 2016, Tages Helios Fund acquired the Italian solar PV assets from First Reserve Infrastructure fund. The portfolio, known as 9Ren, includes 51 plants totalling 55.4 MW of installed capacity.
The portfolio included the Rovigo plant, one of the largest in Europe with an area of over 850 thousand square meters. Overall, the portfolio generates about 135 GWh per year, enough energy to meet the electricity needs of 50,000 households and reduce annual CO2 emissions by an estimated 72,000 tons.
Tages Helios is the first infrastructure fund launched by Tages Capital which is entirely dedicated to the Italian photovoltaic sector, with a fundraising target of approximately €250 million (US$280 million).
Tages Capital and Delos Power were advised by Legance Studio Legale in the refinancing and by Norton Rose Fulbright as for the legal due diligence. Clifford Chance advised the banks as for the legal issues.