Madre Holding Issues Three Bonds for a Total of 25 Million to Build Green Energy Plants

The total value of the bonds subscribed by Anthilia Capital Partners sgr, Tenax Capital Ltd and Gruppo BCC Iccrea with BCC Banca Iccrea and BCC Colli Albani to support the industrial plan of Madre Holding , a company founded in 2017 by the Undo group , specialized in clean energy and precision mechanics, with the aim of managing the acquisitions of photovoltaic plants.

In the Madre Holding transaction, L&B Partners acted as financial advisor to the issuer, while the legal aspects were handled by RP Legal & Tax

In detail, Anthilia Capital Partners has subscribed to a 10 million euro bond , maturing on 31 December 2029 and with a variable coupon equal to the Euribor rate (floor at zero) increased by 5.45%, through the Anthilia BIT IV Co-Investment Fund and Anthilia MUST funds. BCC Banca Iccrea and BCC Colli Albani have both subscribed to bonds for a total value of 7.5 million euros, also maturing on 31 December 2029 and with a variable coupon equal to the Euribor rate (floor at zero) increased by 4.75%, a spread that can be reduced to 50 basis points and increased to 25 basis points based on the performance of Madre Holding’s PFN/Ebitda ratio.

Finally, Tenax Capital, with the Tenax Sustainable Credit Fund, has subscribed to a 7.5 million bond maturing on 30 June 2031 and with a variable coupon equal to the Euribor rate (floor at zero) increased by 5.65%, a spread that can be reduced by up to 40 basis points based on improvements in Madre Holding’s ESG rating.

As a guarantee for the related debt, a first-degree pledge on 100% of Madre Holding’s capital was placed on the first two bonds, while a second-degree pledge on the same shares was placed on the third bond.

On the debt front, Anthilia and BCC Banca Iccrea had already supported the Undo Group, with three different issues in 2019, 2020 and 2021 for a total of 9.5 million euros. In detail, at the end of December 2021 Madre Holding had issued a 3 million euro minibond , subscribed by Iccrea Banca (for two million) and Blu Banca (Banca Popolare del Lazio group, for one million). The bond offers a rate of 4.5% and will expire in 2027.

Previously, in December 2020, Undo had issued two minibonds for a total of 4.5 million euros , one issued by Madre Holding and the other by Ancora Holding . They had been subscribed by the private debt funds Anthilia BIT III and IV , managed by Anthilia Capital Partners sgr. Already in 2019, Undo had issued two other minibonds for a total of 4 million euros.

The first tranche had been subscribed by Zenit sgr with the Progetto Minibond Italia fund , while the second issue had been subscribed by Iccrea BancaImpresa and Banca Popolare del Lazio. Also in 2019, the group had entered the Elite community of Borsa Italiana.

This latest bond issue is part of a broader multi-year investment project that aims to expand Madre Holding’s business both through the acquisition of brownfield photovoltaic plants , operational and incentivized, and through the construction of new greenfield photovoltaic plants, until reaching an installed capacity of over 100MW over the next two years. The proceeds of the bonds will be used to cover the brownfield M&A activity planned for 2024, with the acquisition of approximately 15 MW .

The Undo group, operating in the renewable energy sector, with a specific focus on the photovoltaic segment, is headquartered in Rome and currently owns approximately 90 plants in Italy. It holds 100% of Madre Holding and owns a portfolio of photovoltaic and wind plants which, at the end of the 2023 financial year, had an installed capacity in terms of power of approximately 55MW, of which approximately 46MW were already connected and operational.

Undo employs approximately 90 people overall and, in 2022, generated aggregate revenues of over 25 million euros with a CAGR growth trend of 30% over the last 10 years . In 2021, turnover was approximately 20 million euros.

Umberto Deodati , founder & CEO of the Undo Group, stated: “Over the past 18 months, the Undo Group has experienced historic changes, reaching increasingly important goals; what has never changed is the value of industrial relations built over time. Anthilia, Gruppo Iccrea, BCC and today Tenax are part of our history. The concluded operation is part of a broader strategic-financial plan to support investments in clean energy.”

Last March Agrienergetica, a company from Urbino active in the energy sector, sold 100% of the capital of its subsidiary Sirio to Madre Holding . Sirio owns a photovoltaic plant with significant nominal power, already active and located in Urbino.

At the end of 2023 the Undo group acquired 11 special purpose vehicles  owning 13 photovoltaic plants for a total capacity of 10.5 MW, in operation and incentivized under various Energy Accounts. The portfolio, called Project Italy , was sold by Alternus Clean Energy, Inc. , a company listed on the Nasdaq, active in the clean energy sector worldwide, which in turn repaid the bond guaranteed by the package of plants.

Deodati, CEO and founder of the Undo group, had commented for the occasion: “This acquisition, the last one in 2023, is our most significant operation in the secondary market up to now, and confirms the achievement of the objectives set by our company in terms of capacity.”

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