SENS secures project financing for 17.4 MWp solar PV portfolio in Italy
SENS completes first project financing for solar portfolio in Italy
© CapcoraFrankfurt am Main (renewablepress) - Iqony Solar Energy Solutions ("SENS") realised a first project financing as an Independent Power Producer through its Italian subsidiary SENS Italia S.r.l. in Italy. In this context, a framework credit agreement was concluded with BPCE Lease S.A. ("BPCE") consisting of a loan and a VAT facility of up to EUR 19m. The 20-year non-recourse financing is dedicated for a portfolio of three photovoltaic projects with a total capacity of 17.4 MWp, which secured a Contract for Difference ("CfD") under the renewables auction held by Italy's energy agency GSE. Capcora acted as financial advisor on the transaction.
The projects are part of SENS' growing IPP portfolio, meaning its activities as an independent power producer. At the same time, the investment represents SENS' first project financing in Italy. Up to now, the company has mainly acted as Project Developer, EPC and O&M Provider in Italy, but it is now changing its strategy.
BPCE Lease with BCPE Energeco acted as Mandated Lead Arranger and provided the loan. The bank was identified through a structured process conducted by Capcora. The transaction includes three projects held in two SPVs, which are financed through bilateral loans.
"We are pleased to have completed the project financing for our Italian projects, which is a key element in our continued growth strategy in the market. We look forward to further advancing our Italian activities with strong and reputable banking partners such as BPCE," said Christian Kleinhans, Global Director Project Development at SENS.
"With our subsidiary in Italy, we are perfectly equipped for the Italian market, which we have defined as a new target market in recent months. We are glad that we could enter the market with an experienced company like SENS," adds Grégory Faillenet, CEO of BPCE Energeco.
“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. We are pleased to have supported both SENS and BPCE in their first transaction in Italy,” explains Alexander Kuhn, Managing Partner at Capcora.
BPCE was assisted in the transaction by DWF as lender’s legal advisor and Protos as technical expert. SENS was supported by the law firm CBA and Capcora as financial advisor.
SENS, the Iqony Solar Energy Solutions Group, is a service provider in the field of renewable energy with headquarter in Würzburg and operations in numerous European countries. SENS is the right partner for everything from project development and turnkey construction of large-scale utility-scale photovoltaic plants (Utility Scale), to operation and maintenance (O&M), to the creation and implementation of integrated energy solutions for commercial and industrial applications (C&I). SENS is a wholly owned subsidiary of Essen-based Iqony GmbH and employs around 350 people at nine locations in Europe.
About BPCE Lease
BPCE Lease is a specialist lease financing subsidiary of Groupe BPCE housed in the Group’s Financial Solutions & Expertise Division. As a key player on the leasing market in France, BPCE Lease assists companies and small business professionals with all their equipment and real-estate leasing projects. It develops and distributes one of the broadest ranges of integrated solutions on the market, spanning equipment and real-estate leasing, operating leasing, vehicle leasing, renewable energy financing, IT operating leasing and boat leasing. BPCE Lease caters to all market segments, including large corporations, SMEs, institutions, social economy operators, small business professionals and individuals.
BPCE Energeco is the BPCE Lease subsidiary dedicated to Renewable Energy Projects financing. Since 2003, BPCE Energeco has accompanied more than 5.3 GW of renewable energy projects through tailor-made solutions.
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium-sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources. In addition, Capcora acts as transaction manager for M&A processes (buy and sell side advisory).
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Caption: SENS completes first project financing for solar portfolio in Italy
Frankfurt am Main, 25 January 2023
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