It is an innovative structured finance transaction within the renewable energies and real estate sectors, executed by Banca IMI S.p.A., BNP Paribas – Italian Branch, Intesa SanPaolo S.p.A., Natixis S.A. – Milan Branch and UniCredit S.p.A.

The financing, for a total amount of Eur 162 million, will be followed by the direct acquisition of the PV plants by the Tages Helios fund. The transaction entails four credit lines. In addition to the term loan, it will also include a VAT facility at Fund level to finance VAT credits deriving from the acquisition of the plants and a VAT facility in favour of the SPVs.

Tages Helios is the first fund launched by Tages Capital SGR entirely dedicated to the Italian photovoltaic sector. The Fund has already invested in PV plants for a total power capacity of 157 MW, becoming the third largest player in the Italian photovoltaic market.

Delos Power is a partnership between Tages Helios and Renam – a leading Italian player in the management of renewable energy plants, with more than 300 MW under management – established for the purpose of managing plants acquired by the Fund.

Umberto Quadrino, Chairman of Tages Holding, stated, in relation to the refinancing: “I am particularly proud of this transaction, where we were able to comply with the financial requirements of the portfolio, the cash flow profile for investors in Tages Helios, a real estate fund, and the criteria of lenders in the renewable energy sector. We expect to replicate this structure, developed with some of the leading European financing providers in the renewable sector, for future refinancing transactions of real estate funds investing in infrastructure”.

Tages Capital SGR and Delos Power were assisted by Legance Studio Legale for the structuring and the documentation of the transaction and by Norton Rose Fulbright for the legal due diligence. Clifford Chance assisted the lenders in all the aspects related to the structuring and documentation of the financing transaction.

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