Israeli Renewable Energy Company Solegreen Refinances Italian Portfolio with €140M Green Loan

Israeli renewable energy company listed on the Tel Aviv Stock Exchange Solegreen secured before Christmas financing in the form of a nearly €140 million green loan from UniCredit, ING Bank, and Société Générale, which will be used to refinance its portfolio of Italian plants and to finance further investments in the country. In detail, the transaction involved 30 plants, located in different Italian regions, and 20 companies, with a total installed capacity of more than 30 MWp.

GMB Consulting coordinated the process of extinguishing the financing contracts and handled all aspects of cost negotiations. Solegreen was also assisted by Ashurst, for financial documentation; ValeCap, as financial advisor; Rödl & Partner for legal, tax, and corporate due diligence; and DLA Piper for tax and legal profiles.

The agreement is an important milestone in the implementation of Solegreen’s strategic initiatives in Italy, the company notes, which states: “This financing will enable us to strengthen our position and accelerate our activities in the region. The acquired projects benefit from high tariffs and, in combination with attractive financing, are expected to generate strong and stable cash flow for Solegreen, with high returns on invested capital.”

Read more about Solegreen and find the latest financial news from around the world with our companion app Born2Invest.

Solegreen builds, operates, and maintains solar photovoltaic power projects

The company currently has a portfolio of 80 MW of income-producing assets, with dozens of megawatts of projects under construction, and about 1.4 GMW of projects under development throughout the territories in which it operates, namely Israel, the United States, Italy, Germany, and Greece.

Solegreen is controlled by the Generation Capital fund, which has extensive experience in the infrastructure, energy, and capital market sectors. The company is then participated in by a number of leading institutional entities such as Clal Insurance, Migdal, Meitav Dash, and The Phoenix.

Generation Capital, founded by Yossi Singer and Erez Balasha, had gone for control of Solegreen in August 2019, acquiring 70 percent of it for €11.7 million (or 44 million shekels). To date, it owns about 56 percent of the capital. By a small margin, Generation Capital at the time had outbid Lahav LR Real Estate, which had put up 41 million shekels. The two companies jointly held a 70% controlling stake in Solegreen, in equal shares. Generation Capital then bought the Israeli environmental solutions company Ges in 2021 for about €29 million, which, in turn, had acquired the company engaged in water recycling Aqwise.

__

(Featured image by PublicDomainImages via Pixabay)

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.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.