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.”
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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.
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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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