Milan, September 9, 2022 – Tages Capital SGR, asset manager specialising in alternative infrastructure investment funds in the energy sector, announces the financial close for a €1.10 bln green loan – no recourse portfolio financing in favour of Ortigia Power 61 S.r.l., a company indirectly participated by the real estate fund Tages Helios II.
The transaction was finalised on 26 July 2022 with the first drawdown relating to the debt refinancing of wind and photovoltaic portfolios already acquired, with a total installed capacity of approximately 202 MW; further drawdowns of the credit lines are expected for the acquisition of new plant portfolios and also according to other needs of the perimeter.
The financing has been provided by a pool of eight banks as mandated lead arrangers, lenders and bookrunners including: BNP Paribas – Italian Branch, Intesa Sanpaolo S.p.A., Société Générale S.A. – Milan Branch, Banco Bilbao Vizcaya Argentaria S.A – Milan Branch, Bayerische Landesbank Anstalt des öffentlichen Rechts, Banco BPM S.p.A., BPER Banca S.p.A. and CaixaBank S.A..
Intesa Sanpaolo S.p.A. has acted also as Account Bank and Facility Agent.
This is the first financing negotiated by Tages Capital SGR complying with the “Green Loan Principles” and the “Guidance on Green Loan Principles” issued by the Loan Market Association-LMA, on February 2021. All the financing banks have been granted the role of Green Loan Coordinator.
Tages Helios II, the second fund launched by Tages Capital SGR, is totally focused on the Italian renewable energy sector and has already invested in PV plants and wind operating assets for a total power capacity of 336MW. Tages Capital SGR, through its funds, is positioned as the second largest photovoltaic operator in Italy in terms of installed capacity.
Umberto Quadrino, Chairman of Tages Holding and Head of Investments of Tages Capital SGR S.p.A., stated: “I am particularly proud of this deal which has a threefold significance: it allows refinancing the existing perimeter on competitive terms, investing to improve the performance of photovoltaic plants and securing the debt facilities needed to complete the investment activities of the residual equity of the Tages Helios II fund.
We have also further expanded our network of Italian and international banking relationships, involving a group of credit institutions sharing our strategy of being a leading player in the energy transition process as outlined by the EU’s ‘Fit for 55’ climate package and the objectives of the Italian PNRR. This important financial operation therefore allows us to look forward to the next steps: we will soon complete the investments of Tages Helios II and we are about to launch the new fund, Tages Helios Net Zero, as recently approved by the board of directors of Tages Capital SGR”.
Tages Capital SGR and Delos Service (which currently manages all the plants owned by the Tages Helios fund and the Tages Helios II fund) have been assisted by international law firm Gianni & Origoni for all legal matters concerning the deal structuring and the documentation of the financing transaction.
The banks have been assisted for all aspects relating to the deal structuring and documentation by Clifford Chance as legal adviser, by Fichtner Italia as technical and environmental adviser, by Aon Italia as insurance adviser. EY has provided support for the financial model review. The law firms Chiomenti, Legance, Clifford Chance and Bonelli Erede also supported the lenders of the companies who, thanks to this transaction, extinguished their pre-existing bank loans and leases.
The notarial activities have been dealt by ZNR Notai.
September 9, 2022