Ortus Secures €97M Green Loan to Expand Solar Portfolio in Italy

Ortus Power Resources Italy, a renewable energy platform with a focus on photovoltaics, onshore wind and storage, has secured a non-recourse project finance loan, classified as a green loan, of approximately €97 million through the OPR Sun 0 vehicle.

Green financing backs Ortus’ dual strategy of stabilizing operating assets while accelerating new solar project development

The loan is aimed at refinancing a portfolio of operating photovoltaic plants with an installed capacity of approximately 23 MW, most of which have been awarded the GSE incentive tariff pursuant to the FER 1 Decree, and at building a portfolio of ready-to-build photovoltaic plants with a capacity of approximately 78 MW, which have been awarded the GSE incentive tariff pursuant to the FER-X Decree.

Established in 2021 with the aim of developing a greenfield portfolio of onshore photovoltaic and wind projects, Ortus is a joint venture between the US company Ortus Climate Mitigation and the Capenergie 4 fund , managed by Omnes Capital, a French private equity firm.

Arcus assisted Ortus Power Resources Italy in the modeling, structuring, negotiation, and finalization of the financing. Norton Rose Fulbright assisted Ortus Power Resources Italy with the legal aspects of the transaction. Bper CIB and MCC were assisted by DLA Piper Italia with the legal aspects of the financing. Protos acted as technical advisor to the banks. Ortus Power Resources Italy acted with an in-house team coordinated by general counsel Francesco Perrini and project financing manager Beatrice Frezza.

The financing is characterised by a HoldCo structure headed by OPR Sun 0, granted by Bper Corporate & Investment Banking , as green loan coordinator, mandated lead arranger, original issuing bank and facility agent, and Mediocredito Centrale (MCC), as mandated lead arranger, and is structured across various credit lines (refinancing line, capex line, VAT line, substation line, DSR line and signature line to support the guarantees required under the project contracts).

Ortus Climate Mitigation is a renewable energy infrastructure development platform operating not only in Italy but also in Morocco, the United Kingdom, and the United States. Omnes Capital has invested more than €5 billion through its Capenergie 4 funds dedicated to renewable energy investments and is managed by a management team with experience in the Italian renewable energy sector.

Finally, we recall that Omnes , in 2020, again through its Capenergie 4 fund, had concluded the first Irish agreement on renewable energy by investing in the photovoltaic plant developer Power Capital Renewable Energy.

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(Featured image by Quang Nguyen Vinh via Unsplash)

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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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