UniCredit Gives a Green Loan to Chiron Energy

Chiron Energy Capital spa, an independent group that develops and operates power-generating plants from renewable sources, has obtained a €17 million green loan from UniCredit on a project finance basis and articulated over several credit lines.

The loan, certified under green loan principles, benefits from EIB (European Investment Bank) funds dedicated to energy transition) and is aimed at supporting the construction and commissioning costs of 4 new incentivized renewable energy production plants located in Veneto, Lombardy, and Friuli-Venezia Giulia in non-agricultural areas.

The plants, currently under construction and scheduled to come into operation by next November, will have a total installed capacity of more than 19 MWp and expected annual production of about 27 GWh per year, capable of covering the (annual) needs of about 9 thousand Italian households. Once in operation, they will avoid climate-changing emissions of more than 14,000 thousand tons per year of CO₂ equivalents and save the annual consumption of about 1.16 million cubic meters of methane gas, conversely allowing the production of electricity from clean and renewable sources.

UniCredit, which acted as sole structuring mla & bookrunner and sustainability coordinator, financing bank, hedging bank, and bank of accounts, was assisted by the legal boutique Green Horse for legal aspects, EOS Consulting for technical aspects, AON for insurance aspects, and KPMG for the financial model audit.

Read more about the green loan received by Chiron Energy from UniCredit and find the most important business news of the day with the Born2Invest mobile app.

This was not the first time that UniCredit and Chiron have acted in tandem

Paolo Pesaresi said, “We are excited to be able to announce together with UniCredit this important ESG financing transaction. This is a new green loan to support our important investment pipeline that comes just a few months after the one at the end of 2022. This is a further confirmation for us of the solidity of our Team and the scalability of our business model.”

Marco Bortoletti, regional manager Lombardy at UniCredit added, “UniCredit has made a concrete commitment to the transition to a green and sustainable economy through financial support to clients who want to invest to transform their production model. This new operation for the Chiron Group testifies to our ability to make innovative solutions available to clients that can also have a positive impact on the country’s energy independence, consistent with European and national programs.”

This was not the first time that UniCredit and Chiron have acted in tandem. A few months earlier, in fact, the group had cashed in another €31 million green loan, on a project finance basis and articulated over several credit lines, to support the construction and commissioning costs of eight new photovoltaic plants, located in Veneto and Piedmont on non-agricultural areas.

Chiron Energy, based in Milan, was established in late 2020 by Mario Pesaresi, president of Fondazione Marche, and his son Paolo with a capital of €10 million, split 80 percent between Mario Pesaresi’s Echidna spa and the remaining 20 percent in the name of Paolo’s Pph. The Pesaresi family, through Echidna, is also headed by Viridis Energia.

Chiron, with a share capital of €10 million, develops, builds, and operates state-of-the-art energy plants and infrastructure with a very low environmental impact

The group’s current management team, with a track record of more than 130 MWp of proprietary plants and about 400 million euros of investments mainly in brownfield projects, has accumulated over the years experience and expertise of primary standing, nationally and internationally. Currently, the group, with about 40 active special purpose vehicles and more than 250 MWp of greenfield solar plants authorized or at an advanced stage of authorization, is one of the leading solar developers in the Italian market where it has and is developing an important pipeline of projects for utility-scale renewable source plants.

In June 2022 Chiron issued a €5 million ESG-linked minibond with a bullet maturity of December 31, 2026, which was fully subscribed by the Progetto Minibond Italia fund managed by Zenit sgr. This minibond provides rate benefits for the company linked to an improved sustainability-ESG rating and is intended to support the company’s ambitious growth and investment plans.

By November 2021, on the other hand, it had concluded the authorization processes for the construction of six photovoltaic plants in northern Italy, with a total capacity of 25 MW, with the technical and design support of engineering and consulting firm Solux Engineering. Once commissioned this year, the plants will produce 100 percent energy from renewable sources, avoiding the release into the atmosphere of about 9,500 tons of carbon dioxide per year.

For UniCredit, this is just the latest in a series of loans provided to Italian SMEs

A few weeks ago, for example, it had granted Iperceramica spa, a company specializing in the marketing of ceramic materials and bathroom furnishings, a €10 million loan with a six-year maturity (90 percent assisted by SACE’s SupportItalia Guarantee), intended for the group’s working capital needs and growth strategy. Previously, the bank had provided two loans to Sicily by Car car rental company for a total of €20 million for the purchase of different types of cars including some hybrid and electric cars with low CO2 emissions.

Even earlier, UniCredit had instead disbursed a €10 million loan to AMA, a Reggio Emilia-based company specializing in the production and marketing of components for slow-moving and gardening vehicles, intended to implement the group’s growth strategy. At the end of January, on the other hand, Piazza Gae Aulenti had financed construction company Secap (Società Edile Costruzione e Appalti Provvisiero) with a SACE-assisted loan of €6.6 million intended for cash needs related to two construction sites in the Turin area. Earlier in the year, Piazza Gae Aulenti and the MEF-controlled company had earmarked another €17.5 million for Planet Farms Holding spa, a leading Italian company in vertical farming in Europe, to build a new plant in Cirimido (Como) dedicated to indoor hydroponic vegetable cultivation, just under a year after the closing of a €30 million investment round led by the Azimut Group.

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(Featured image by lukasbieri via Pixabay)

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