Italian renewable energy developer Ortus Power Resources Italy (OPRI), a joint venture between Ortus Climate Mitigation LLC and Omnes Capital’s Capenergie 4 fund, has hit financial close of up to €100m bond issuance with I Squared Credit to finance the construction of up to approximately 740MW of solar assets across Italy.
The initial commitment of €46m, with the option to increase up to €100m, will accelerate OPRI’s growth and solidify its position as a leading independent power producer in the Italian renewable energy sector, it said.
“The proceeds of this bond will drive the completion of development and construction to power up to 400,000 homes in Italy,” said OPRI chief executive Guido Cuzzolin.
“This achievement is a direct result of the exceptional hard work and unwavering dedication of Ortus’ Italian team, whose remarkable efforts continue to deliver outstanding results and exemplify the commitment at the core of our success.
“In close collaboration with I Squared, we are pleased to achieve this important milestone for our company, a true testament to the strength of our partnership and our shared vision for growth within the renewable energy world.”
Akereos acted as sole bookrunner, structurer, and exclusive debt advisor to OPRI.
Gianni & Origoni served as legal advisor to OPRI and Norton Rose Fulbright served as legal advisor to I Squared.