Generali Global Infrastructure on behalf of funds, Natixis CIB and UniCredit successfully closed the green project financing aimed at, inter alia, refinancing, revamping and re-leveraging a brownfield photovoltaic portfolio ("WT2 portfolio") of 116 MW located in Italy.
The three all acted as Structuring Mandated Lead Arrangers and Lenders, while UniCredit and Natixis CIB also as Bookrunners, Hedging Banks and Sustainability Global Coordinators. BNL acted as Account bank, while Natixis as Agent. DLA Piper supported the Lenders as Legal Advisor, while Orrick as the Borrower Legal Advisor. Praxi and KBD acted as Technical Advisor of Lenders and Borrower respectively. SURE - Sustainable Revolution - acted as financial advisor for Obton.
The brownfield WT2 portfolio is composed of several PV plants located in Italy and has been originally purchased by Obton group, through its affiliate WT II Senior S.r.l. and subsequently refinanced with this green loan financing.
Obton Group, following the acquisition of the WT2 portfolio, has become the fifth largest player in the Italian photovoltaic market, confirming its strong interest in investing in the Italian renewable energy sector.
The green project finance transaction, structured as a HoldCo financing with WT II Senior S.r.l. being the Borrower, entails four tranches: a Term Facility mainly aimed at refinancing the existing indebtedness, a Capex Facility to finance the revamping works, a True-up facility to re-leverage the portfolio and a DSR Facility.
All the 144 PV plants are already operational, connected to the grid and located across the Italian territory, yielding significant geographical diversification. The PV plants are operated by several SPVs and have been connected between June 2008 and March 2013, displaying positive operational track records. The portfolio has the potential to serve ~50,000 households, with CO2 savings of more than 70,000 tons per year.
Milan, 24 March 2022
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