- The plants, with a total capacity of 61.1 MW, will be built in Piedmont, Tuscany, Lazio and Apulia
- The construction bridge financing on a grid-parity basis is an innovative financial structure for the photovoltaic sector in Italy
PLT Energia, one of Italy's largest independent player in the renewable energy sector from wind and solar sources, has signed with UniCredit - as Sole Mandate Lead Arranger, Bookrunner and Lender - a multi-line project financing agreement for a total amount of EUR 54.2 million.
The financing is functional to the construction of 11 greenfield photovoltaic plants in grid parity, some of which are already under construction, located in Piedmont, Tuscany, Lazio and Apulia, for a total capacity of 61.1 MW.
The transaction, a construction bridge financing, represents a novelty in the grid parity market in Italy in the photovoltaic sector, as the contractual structure adopted does not envisage the ex-ante finalization of PPA contracts, which can be negotiated more efficiently when the plants come into operation.
Once in operation, the plants will be able to generate an expected annual production of over 104 GWh, capable of covering the annual energy needs of around 21,000 people while avoiding climate-altering emissions of over 52,000 tonnes of CO₂ equivalents per year; considering a plant life of around thirty years, this will correspond to a saving of over 1,500,000 tonnes of CO₂ equivalents that will not be emitted into the atmosphere.
Stefano Marulli, CEO of PLT Energia, commented: "With this operation we continue the investments envisaged in our business plan, confirming the Group's leading role in the production of energy from renewable sources. UniCredit confirms itself as our reference partner to support the Group's growth plan and to structure articulated and innovative initiatives for the sector".
Andrea Burchi, Regional Manager Central North UniCredit, remarked: "We are proud to once again support the development plans of PLT Energia, one of the undisputed protagonists of the Italian energy transition. This innovative financing operation, finalized thanks to the synergy between the Region Centro Nord and the Infrastructure & Export Financing team, represents a concrete contribution not only to the company's growth, but also to the strengthening of a key sector such as energy production from renewable sources. It is a further step that confirms our Group's commitment to promoting the transition towards a more sustainable future".
As part of the transaction, UniCredit was assisted for legal advice by the firm Bonelli Erede, for technical advice by Fichtner Italia, for insurance-related profiles by Marsh and for the auditing of the financial model by PwC Advisory. PLT Energia was assisted by Studio Tributario e Legale Rossi & Partners for the legal aspects related to hedging financing.
Milan, 28 January 2025
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