Italy: EIB, Natixis CIB and Sunprime sign €204 million transaction for one of Italy’s largest solar portfolio operations

This article is published in association with European Investment Bank.

• This loan will support the construction of more than 100 photovoltaic plants on roofs and on land throughout Italy, with a total installed capacity of 220 MW.
• Once operational, these plants will produce almost 275 GWh/year of renewable energy, meeting the annual needs of more than 105 000 Italian households.
• The operation will contribute to the ambitious targets of RePowerEU, which the EIB has committed to financing to the tune of an additional €45 billion by 2027.
• The EIB will provide long-term financing of around €97 million.
• Natixis CIB has participated as Sole Underwriter, Structuring MLA, Bookrunner, Hedging Bank, Green Loan Coordinator and Agent Bank.         

The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB) and the Sunprime Group have signed a project finance operation worth €204 million to finance one of the largest photovoltaic portfolios in Italy.

This loan will support the construction and operation of more than 100 photovoltaic systems on roofs and on land across Italy with a maximum total installed capacity of up to 220 MW. This strategy reinforces the smart use of space and decentralised production.

Once operational, by 2026, these plants will generate about 275 GWh/year of renewable electricity, meeting the annual needs of more than 105 thousand Italian families. This operation will help achieve the RePowerEU targets, which the EIB  has committed to support with €45 billion of additional investment by 2027 , and Italy’s targets for renewable energy. It is also estimated that the PV portfolio will gradually reduce CO₂ emissions by about 2.35 million tonnes over its life cycle.

“Italy is a market with huge potential for solar energy production and this funding will make the country more energy independent. The EIB is the climate bank of the European Union, and our financing helps make the world more sustainable for future generations,” said EIB Vice-President Gelsomina Vigliotti.

Sunprime CEO Antonio Mazzitelli said: “This key transaction will enable our group to reach the target of 500 mwp connected over 400 projects throughout Italy, built in areas where it is more sustainable to install photovoltaic systems: roofs after asbestos has been removed, energy-intensive companies, industrial and agricultural land close to industrial zones.”

Infra&Energy Finance Executive Director of Natixis CIB (Milan Branch) Stefano Mazza said: “We are proud to have been appointed as Sole Underwriter for this key greenfield initiative for Sunprime, which consolidates our leading position in the renewable energy sector in Italy. This additional ‘Green Loan’ funding in the Italian market confirms Natixis’s continued focus on sustainable development in the context of ecological transition and environmental values.”

Most photovoltaic systems will be eligible for the incentive rate under the Renewable Decree (FER Decree 1) as they will be built on industrial land or on roofs involving asbestos removal, thus generating contractual revenues for 20 years. As regards the remaining capacity for the installations to be built on agricultural land, Sunprime will either enter into long-term agreements for the purchase of electricity or sell the energy produced on the market.

The transaction advisors are Legance – Avvocati Associati (legal entity supporting the lenders), Ashurst Studio Legale together with Ashurst LLP (legal entity supporting Sunprime), Praxi (technical), Marsh (insurance), KPMG (tax and model auditor) and ValeCap (financial advisor of Sunprime).

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to the European Union’s strategic objectives. EIB projects strengthen competitiveness, stimulate innovation, promote sustainable development, improve social and territorial cohesion while supporting a fair and rapid transition to climate neutrality. Over the past five years, the EIB Group has provided more than €58 billion of loans for projects in Italy.

About Sunprime

Sunprime is an independent producer of renewable energy from photovoltaic systems, specialising in the development, construction and operation of photovoltaic systems in Italy. Founded in 2020, Sunprime owns and operates about 180 MW of installed capacity to date and employs over 110 people.  Nofar Energy and Noy Fund are amongs the shareholders of Sunprime along with Sunprime’s Management.

About Natixis Corporate and Investment Banking

Natixis Corporate and Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organisations worldwide. Our teams of experts in 30 countries advise clients on their strategic development, helping them to grow and transform their businesses, and maximise their positive impact. We are committed to supporting the environmental transition by aligning our financing balance sheet with a 1.5°C trajectory by 2050. As part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks, Natixis CIB benefits from the group’s financial strength and solid financial ratings (Standard & Poor’s: A+, Moody’s: A1, Fitch: A+, R&I: A+).