The green mini-perm project financing will enable the integration of the photovoltaic plant with a "Cold Ironing" system, supporting also the operational energy needs of cruise ships while docked.
Once operational by 2026, the plant will produce 53 GWh of clean energy per year,in line with Green New Deal objectives.
UniCredit has finalized a EUR 22.6 million green mini-perm project financing in favor of Adriasol S.r.l., a special purpose vehicle equally owned by Renco S.p.A. and Eco Trade S.r.l., the latter 51% controlled by Ecosuntek S.p.A., a company at the head of a group active in the renewable energy sector and listed on Borsa Italiana.
Adriasol S.r.l., a Marche-based company, is the concessionaire, under a public-private partnership concession signed with the Central-Northern Adriatic Sea Port System Authority, of an innovative photovoltaic plant integrated with a Cold Ironing system.
The financing, certified as green in accordance with the Green Loan Principles, aims at supporting the construction and commissioning costs of a photovoltaic plant with a total capacity of approximately 37 MWp, located within the port area of the Municipality of Ravenna.
The project, consisting of a photovoltaic plant integrated with a Cold Ironing system, is considered strategic for the energy transition of port infrastructure, providing part of the generated energy production not dispatched to the Italian electricity grid to cruise ships docked in the Port of Ravenna, supporting their operational energy needs. The project will deliver significant economic and environmental benefits, including reduced emissions and noise pollution from ships while docked, while strengthening Ravenna's leadership position among Italian ports by offering a state-of-the-art service at competitive energy costs.
The plant is expected to generate an annual production of approximately 53 GWh, able to cover the energy consumption needs of around 20,000 Italian households. Once in operation, the project will avoid over 18,000 tons of CO₂ equivalent emissions per year, corresponding to a total reduction of more than 600,000 tons of CO₂ equivalent over the plant life.
The initiative, considered essential to achieving Italy's objectives set out in the National Integrated Energy and Climate Plan (PNIEC), benefits from a non-refundable public grant provided by the Ministry of the Environment and Energy Security through the funds made available from the National Recovery and Resilience Plan (PNRR) under the "Green Ports" project, which aims to finance measures for energy efficiency, CO₂ emission reductions, and environmental sustainability in port operations.
This innovative asset based project finance transaction was originated, structured and coordinated by UniCredit, acting as Global Coordinator & Bookrunner, Structuring Mandated Lead Arranger, Original Lender, Hedging Bank, Facility Agent, Account Bank, and Green Loan Coordinator.
The plant, currently under advanced construction phase, is expected to be in operation by the first half of 2026 and will benefit from a Contract for Difference (CfD) with the GSE.
Giovanni Rubini, CEO of the Renco group, commented: "This project, successfully completed thanks to the professionalism and expertise of the Renco Group, decisively advances our development and investment strategy in green energy infrastructure. It is the first large-scale photovoltaic plant financed through project financing within a port infrastructure, where renewable energy production not fed into the grid meets the operational needs of modern cruise ships. This significantly reduces CO₂ emissions and strengthens the competitive position of the Port of Ravenna in the global cruise market, offering a cutting-edge service at competitive energy costs."
Matteo Minelli, CEO of the Ecosuntek Group, added: "We are extremely pleased to have successfully concluded this important financing transaction in support of our greenfield pipeline of solar, agrivoltaic, and storage plants. The plant, for which Eco Trade will also manage the energy dispatching, is located in a highly strategic area of the country. This confirms the innovative and forward-looking approach that defines our corporate culture, with ambitious and sustainable initiatives closely integrated with the local economic and social fabric."
Andrea Burchi, Regional Manager Central North at UniCredit, commented: "With this transaction in favor of Adriasol, UniCredit confirms its commitment to the transition toward a more competitive and sustainable business model. This is one of the first project finance transactions in Italy aimed at developing a photovoltaic plant integrated with a Cold Ironing system. It represents a strategic solution for managing the energy needs of cruise ships while docked, capable of generating significant environmental and economic benefits for the Port of Ravenna. The initiative is a concrete example of how UniCredit, through innovative green finance solutions, supports its clients in transforming their production models, creating value for local communities and contributing to a more responsible future."
TEAM AND ADVISORS
The lending institution was assisted by Fivers as legal advisor. Kiwa Moroni and Aon acted as technical-environmental and insurance advisors, respectively. Deloitte acted as model auditor.
Renco and Eco Trade were assisted by Studio Legale Paganucci for the financing documentation.