The Sunprime group, through its subsidiaries Sunprime Generation Srl and Sunprime Energia Distribuita Srl, with the support of investors Noy Fund and Nofar Energy, has closed a project financing contract for €150 million with a pool of Austrian and German banks made up of Kommunalkredit Austria AG, acting as Mandated Lead Arranger and Structuring Bank, together with KfW IPEX-Bank and Norddeutsche Landesbank Girozentrale (Nord LB), both acting as Co-Arrangers.
The loan will support the construction of a portfolio of greenfield photovoltaic projects in Italy for a total of 216 MW, which includes both rooftop plants and ground plants in industrial areas, which will benefit from a fixed rate for 20 years granted by the Energy Services Manager (GSE) as part of the DMFER incentive scheme. This is the largest loan ever achieved in Italy for rooftop photovoltaic projects, and among the largest in the renewable energy sector in Italy in recent years. In detail, there are over 250 rooftop and ground-based photovoltaic projects spread throughout the country, developed directly by Sunprime, which will be completed by the end of 2024.
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The lenders of the Sunprime’s project
Despite the current economic context, the lenders wanted to focus on the growth of Sunprime, creating one of the largest project financing operations of this type in Italy and the birth of one of the main operators in the C&I (Commercial & Industrial) segment at the European level. The transaction follows investments in the company by Noy Fund and Nofar Energy for a total of €72.5 million.
At the basis of the lenders’ choice is Sunprime’s innovative business model: the group’s mission is to install photovoltaics where it is more sustainable: on the roofs of buildings, removing asbestos, if present, or on industrial land, minimizing the consumption of agricultural land. Sunprime develops commercial offers based on the needs of companies and property owners,
Sunprime’s sustainable photovoltaics
Sunprime is a fast-growing independent electricity producer, founded by a team of energy professionals in Milan in 2020, which in a short time was able to create a vertically integrated operator in the photovoltaic sector. The group is currently developing photovoltaic projects throughout Italy, focusing on the commercial and industrial segment (C&I), on-ground photovoltaic plants on industrial land, and Energy Storage. Sunprime’s project pipeline currently consists of 200MW of projects ready for construction, of which 60 are under construction, and over 300MW are under development.
The financing banks of the transaction made use of the advice of the Legance law firm, while Watson Farley & Williams acted as legal advisers to Sunprime. Consorzio Stream acted as technical advisor to lenders, Marsh acted as an insurance advisor, KPMG acted as financial model reviewer, and Ascola acted as financial model advisor for Sunprime.
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