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Bluefield’s Italian team closes green loan with UniCredit for the refinancing of a 10 MW portfolio in Italy

Bluefield Sole Ita (managed by Bluefield Italia) completes EUR 21.9 million Project Finance Green Loan by UniCredit for the refinancing of a ~ 10MW brownfield photovoltaic portfolio in Italy.

On 5th April 2022, Bluefield Italia successfully obtained the Green Project Financing aimed at, inter alia, refinancing, revamping and expanding a brownfield photovoltaic portfolio of ~ 10MW located in Italy and to support the acquisition and refinancing of further new PV plants and/or target SPVs, distributed on the Italian territory.

In this deal, Bluefield Italia appointed UniCredit as Sole Structuring MLA & Bookrunner, Sustainability Global Coordinator, Hedging Bank and Agent & Account Bank.

Studio Gattai, Minoli, Agostinelli & Partners acted as the Lender’s Legal Advisor, while Orrick as the Sponsor Legal Advisor. Kiwa-Moroni and REA acted as Technical Advisor of the Lender and the Sponsor respectively. Other advisors of the deal included: Ref-E as Market Advisor, Wide Group as Insurance Advisor and Mazars Group as Model Auditor. The Holding company, Bluefield Partners LLP acted also as Investment Advisor.

The brownfield portfolio is fully owned by Bluefield Sole Ita and managed by the Bluefield Group through its affiliates Bluefield Italia and Bluefield Services Italia, who act as M&A / commercial adviser and asset manager respectively.

The green project finance transaction, structured as a HoldCo financing with Bluefield Sole ITA S.r.l. being the Borrower, entails four tranches: a Term Facility A aimed mainly at refinancing the existing indebtedness, a Term facility B to partially finance the capex costs (i.e., the revamping) and the acquisition price of the future target SPVs and/or future PV plants and finally, a DSR Facility.

The portfolio, located in southern Italy’s Puglia region, is composed of 10 PV plants operated by 3 SPVs since August 2011. The Borrower is currently evaluating the revamping of 3/4 of these existing PV plants to benefit from higher efficiency and to purchase additional SPVs/PV plants up to 14.5 MW to enlarge the Italian portfolio. The existing portfolio has the potential to serve approximately 3,300 households, with estimated CO2 savings of more than 4k tons per year.

With the acquisition of additional SPVs/PV plants, Bluefield will seek to consolidate small operational PV assets in Italy that would benefit from stable generation revenues profile, while diversifying the portfolio location.

About the Sponsor

Bluefield Sole Ita is a subsidiary of Sole Solar Ltd, the Sponsor, which is a joint venture advised by Bluefield Partners LLP, a London based investment adviser specialising in renewable energy, with a focus on solar PV assets. Through the funds it advises, the Bluefield Group facilitates the production of thousands of megawatts of clean energy each year, supporting climate initiatives and the transition towards a sustainable future.

With over ten years of success, Bluefield’s teams of investment and operational professionals have delivered multiple, high performing investment funds for institutional and private clients with an absolute focus on shareholder’s needs. Bluefield is continuing to enhance its consideration of ESG criteria within its investment and operational processes.

Bluefield Partners LLP has attracted over $1 billion into its solar investment strategies since 2011 and have generated above target returns for investors across every fund they have established, building one of the highest performing track records in the sector.

Bluefield Partners LLP has recently set up a partnership with Arcano Capital (the investment arm of the independent advisory firm Arcano Group), with the aim to purchase further PV plants and increase its presence in the Italian operational market.