The fund managed by BNP Paribas Clean Energy Partners GP has achieved financial closure on a EUR93.5m senior loan facility for the construction by Megasol of a 30 MW solar photovoltaic power plant in Montalto di Castro, Italy.
The loan facility, funded by a consortium comprising Deutsche Bank, Rabobank and Centrobanca, is to be provided in two stages: the first construction phase, recently begun and due to become operational in 2010, and the second phase, due to be operating in the first quarter of 2011.
"This project continues our strategy of creating a high quality portfolio of assets in Italy, and of solar assets in general," says Joost Bergsma, chief executive of the fund. "Italy is a very attractive renewables market for financial investors because of its high levels of solar irradiation."
As part of its geographically diverse investment portfolio, the team aims to acquire additional solar generation capacity assets in Italy over the course of its investment period.
“We are securing a deep pipeline of projects with a select group of developers and owners in order to achieve our target capacity in Italy,” says Scott Lawrence, investment director. "We target projects that have strong sponsorship and associated follow-on opportunities."
Photovolt Development Partners is the project developer and provides ongoing project management.
