Pioneer Point Partners’ Italian renewables platform Sistema Rinnovalbili has closed the €32m project financing of a 30MW solar plant.
Construction and operation of the project, in Italy’s Viterbo province, has been financed by ING Bank’s Milan Branch.
The developer has signed a 10-year power purchase agreement to a “major Italian industrial customer”, which has been finalised by Axpo Italia.
Sistema’s chairman of the board, Antonio Urbano, said the deal would be followed by other projects of “over 50MW” in the autumn, calling it “another step in the growth strategy of the group, which has a pipeline of over 1GW of projects in advanced development, in addition to the 42MW already in operation”.
Sistema was advised by ValeCap (financial), Gianni & Origoni (legal) and MBS Consulting (market and PPA advisory).
ING Bank was advised by Ashurst (legal) and EOS Consulting (technical).