Cubico Sustainable Investments has reached €75m financial close on the refinancing of 14 solar assets in Italy with a combined capacity of over 27MW.
Credit Agricole Corporate and Investment Bank and Societe Generale acted as structuring mandated lead arrangers, bookrunners and lenders on the non-recourse project finance debt.
Credit Agricole CIB also acted as agent of the financing and issuing bank, with Credit Agricole Italia as account bank.
The 27.4MW Solis portfolio was mostly acquired from funds managed and/or advised by Partners Group in May 2019, with one other asset acquired in August 2018.
The fully operational projects range in size from 1MW to 5MW and are located in Lazio, Veneto and Sicily.
Norton Rose Fulbright provided legal advice, while Moroni & Partners provided technical support and Willis Insurance the insurance for the lenders.
Cubico was advised by Bird & Bird on legal issues and by KPMG on tax and model audit.
Cubico head of EMEA David Swindin said: “We are very pleased with the level of support and flexibility shown by our banks in Italy and look forward to further acquisitions in the country.”
Cubico Italian head Alessandro Asperti said: “It is a pleasure to advance on our growth strategy in the Italian market and we are delighted to have such strong partnerships on the financing with Credit Agricole CIB and Societe Generale.”