Business World of Renewable Energy

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Capcora Advises: Sens Obtains Project Financing For 17.4 MW PV Portfolio in Italy

Frankfurt am Main, Germany - Service provider Iqony Solar Energy Solutions (Sens) has realised its first project financing as an independent power producer (IPP) through its Italian subsidiary Sens Italia S.r.l..

The framework credit agreement, which includes long-term project financing and a value-added tax facility totaling up to €19 million, was signed with BPCE Lease S.A. (BPCE). Frankfurt-based consulting firm Capcora acted as financial advisor in the transaction.

The 20-year non-recourse financing is dedicated for a portfolio of three photovoltaic projects with a total capacity of 17.4 MWp, which were awarded a Contract for Difference (CfD) in a renewable energy (RE) tender in Italy.

The transaction represents Sens' first project financing in Italy. Until now, the company has been active in Italy mainly as a project developer, EPC and O&M provider, but is now changing its strategy.

BPCE Lease acted as mandated lead arranger with BCPE Energeco providing the loan. The bank was identified through a structured process conducted by Capcora.

"With a massive pipeline of mainly unsubsidised ground-mounted projects to be realised in the coming months and years, the Italian renewable energy scene is in need of new financing partners, including foreign institutions," said Alexander Kuhn, Managing Partner at Capcora, welcoming the transaction.

About the companies

Sens is a service company in the RE sector with headquarters in Würzburg and offices in other European countries. The Sens portfolio includes project development and turnkey construction of large-scale photovoltaic plants, operation and maintenance as well as realization of commercial and industrial energy solutions. Sens employs around 350 people at nine locations in Europe.

BPCE Lease is a subsidiary of Groupe BPCE specialized in lease financing. As a major player in the French leasing market, BPCE Lease assists companies and small traders with leasing projects in the equipment and real estate sectors. BPCE Energeco is BPCE Lease's subsidiary focused on financing RE projects.

Capcora is a consultancy specialized in real assets and raises equity, mezzanine and debt capital for energy and infrastructure projects, real estate and medium-sized companies. Among other things, the focus is on mezzanine financing for the recapitalization of tied-up liquidity in existing portfolios and for bridge financing of developments and construction measures in the area of renewable energies. In addition, Capcora acts as transaction manager for M&A processes (buy and sell side advisory).

Source: IWR Online, 26 Jan 2023