IRR Solar, a wholly owned sub-holding company of Italian Renewable Resources spa (IRR), the investment company dedicated to the renewable energy sector launched in 2019 and promoted by L&B Capital, has secured a loan of around €18 million from Banco BPM.
More specifically, the transaction provides for the disbursement of a credit line that IRR will use for the development of investments related to a target portfolio of operational and incentivized photovoltaic plants located in Italy with a total installed capacity of 12.5 MW, as well as for technical optimization work on the plants.
If you want to find more details about IRR Solar and what it plans to do with the recent loan from Banco BPM, download for free our companion app. The Born2Invest mobile app brings you the most important financial news of the day so you can stay on top of the market.
IRR Solar is controlled by L&B Capital
For the legal due diligence, negotiation, and finalization of the financial documentation, IRR Solar was assisted by L&B Partners associated lawyers, while L&B Partners supported IRR Solar in all prodromal activities related to the new financing, from the elaboration of the economic-financial model to the coordination of the due diligence activities up to the negotiation and structuring of the transaction. On the other hand, the bank was supported on the legal side by Legance, Kroll Advisory for technical due diligence activities, and KPMG as model auditor.
As a reminder, last December, IRR Solar sold to Banca del Fucino its 27.5 percent stake in E-Way Finance srl, a leading renewable energy plant development, construction, and management company that owns Italy’s largest portfolio of renewable energy plant development projects in Italy.
IRR is, as mentioned, controlled by L&B Capital, which is the industrial holding company focused on the renewable energy and energy efficiency sector, promoted by L&B Partners spa and L&B Partners Avvocati Associati, which in turn are owned by the Di Terlizzi family. Also, partners in L&B Capital are managing director Michele Cappone and DEMI5 srl, an investment holding company owned by the De Miranda family, which holds 50 percent of Brescia-based Ori Martin, a group specializing in the production of special steels for the automotive and mechanical industries, with a turnover of nearly €600 million.
As for L&B Capital’s other investments, recall that in mid-December 2022 L&B Capital acquired a majority stake in e-shore, an innovative startup focused on offering charging services to electric vehicles through the design, installation, and management of normal and fast charge infrastructures.
L&B Capital also holds 15 percent of Evolvere spa, the Italian leader in the diffuse generation sector, whose control it had sold in 2019 to the then ENI Gas e Luce, now Plenitude. In addition, L&B since 2017 also owns the majority of Esapro Holding srl, active in the field of O&M services, revamping, remote monitoring, security/surveillance, and asset management, with a portfolio of about 630 MW under management,
Finally, in the summer of 2015, L&B Capital together with other investors promoted the opa on Alba Private Equity, which was then delisted from Piazza Affari in 2017.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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