Connect with us

Featured

Sunprime Closes a Project Financing for €150 Million

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. 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.

Published

on

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.

Born2Invest’s team of journalists gathers the most interesting business news in a single mobile application. It’s impossible to keep up with everything you’re interested in, but our companion app will help you keep track of the important news. Our app is being updated throughout the day.

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. 

SEE ALSO  Mexican Senate set to debate cannabis regulation

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.

__

(Featured image by mpieske 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 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.

J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.

Continue Reading