Tages Grape




Refinancing of 51 photovoltaic plants portfolio across Italy, for an installed power of approximately 55.4 MW.


Activity performed
Tages Capital Sgr – the international leading investor in infrastructure and energy – successfully completed the refinancing of a 51 photovoltaic plants portfolio all over Italy, for an installed power of approximately 55.4 MW. The refinanced portfolio had been acquired by the Fund during the first half of 2016. The transaction involved a pool of Banks formed by Unicredit, Banca IMI, Banca Intesa San Paolo, BNP Paribas – Italian Branch and Natixis S.A. – Italian Branch.
EOS assisted the pool of banks in the determination and evaluation of technical aspects of refinancing. In particular, for each plant, EOS verified the correctness and completeness of the Technical Due Diligence analysis conducted by the Fund and its Advisor in the portfolio acquisition, and provided the banks with the most up-to-date assumptions for Business Plan construction. In this context, based on historical and real evidence, EOS has built up the assumptions of plant productivity and profitability over the long term, also evaluating the operating costs and forecast scenarios of the Fund in managing long-term assets, maintenance and asset management strategies, and investments in improvements to installed components. The effects of recent regulatory updates in terms of energy sales, as well as the new PPA contracts agreed by the Fund, were also analyzed. The advisory activity obviously included ongoing assistance to banks in the definition of resolution notes and refinancing.