Milan, December,9 2025 – Tages Capital SGR, an asset manager specialised in private-market alternative investment funds and the second-largest photovoltaic operator in Italy by installed capacity, announces the completion of a non-recourse green loan transaction worth €671 million. The financing will be used to refinance its entire portfolio of photovoltaic plants — approximately 272 MWp — and to fund plant upgrades and repowering initiatives, including capacity increases and the development of electrochemical storage systems.
The transaction was carried out in two phases: the first closed on 29 October 2024 with a €276 million financing, followed by a second phase completed on 23 October 2025, which increased the financing by an additional €395 million.
The financing was provided by a pool of seven banks, including Banco BPM S.p.A., Bayerische Landesbank, BNP Paribas Italian Branch, Crédit Agricole Italia S.p.A., Intesa Sanpaolo (IMI CIB Division), Société Générale S.A., Milan Branch, and UniCredit S.p.A., all acting as mandated lead arrangers, lenders, bookrunners, and green loan coordinators. UniCredit S.p.A. also served as Depositary Bank and Facility Agent.
Umberto Quadrino, Chairman of Tages S.p.A. and Investment Director of Tages Capital SGR S.p.A., commented: “We are particularly pleased with this transaction, which confirms our commitment to identifying solutions that enhance the operational and financial performance of our portfolio, further strengthening its quality and resilience. To achieve these goals, we adopt sustainable financial solutions aligned with the most advanced ESG standards across all our portfolios. Specifically, for the Tages Helios fund’s portfolio, this transaction enables us to pursue key industrial and financial objectives, including a more efficient restructuring of the portfolio’s corporate chain, the implementation of the plants’ technological upgrade plan, and the development of electrochemical storage systems”.
Tages Capital SGR and Delos Service (which currently manages all the plants owned by the Tages Helios fund) were advised by the law firm Ashurst on all legal aspects related to the structuring of the financing transaction and the associated finance documentation.
The lending banks were supported by Clifford Chance as legal counsel, EOS Consulting as technical and environmental advisor, and Aon Italia as insurance advisor.
Notarial activities were handled by the Marchetti Notarial Firm.
December 9, 2025