Tages Helios – a fund specializing in investments in the Italian photovoltaic sector, has successfully completed a major refinancing transaction of a portfolio consisting of 9 photovoltaic plants built in Italy, with an installed capacity of more than 100 MW.
July 30, 2017
Tages Helios – a fund specializing in investments in the Italian photovoltaic sector, managed by Tages Capital Sgr, a leading international investor in the field of infrastructure and energy – has successfully completed a major refinancing transaction of a portfolio consisting of 9 photovoltaic plants built in Italy, with an installed capacity of about 101.5 MW. The portfolio includes the Rovigo plant, which, at 70 MW, is still the largest Italian park built in a single deal. The asset had been acquired by the Fund in the summer of 2016 from the U.S. private equity fund First Reserve Corporation after a strict selection process.
The loan – with a total value of 359.6 million euros – was provided by a pool of banks consisting of Banca IMI, Banco BPM, Banco Santander, BNP Paribas, Cassa Depositi e Prestiti, Natixis, Société Générale e UniCredit.
EOS supported the pool of Banks in the technical evaluation of the portfolio, performing Technical Due Diligence analyses of each plant in the asset. The work was aimed at confirming the absence of technical risks in the investment, and was carried out by investigating the correctness of the technical-administrative paths related to the permits and incentive schemes achieved, and the reliability of the technical characteristics of the plants built. The Due Diligence activity allowed the Lending Banks to identify assumptions for the construction of the Base Case of the refinancing, within which EOS evaluated the assumptions of producibility and profitability of the plants, and quantified the operating and maintenance costs, also with reference to the obligations to Authorities and Public Bodies. The analyses were conducted both at the documentary level and with the help of dedicated inspection visits, during which EOS also performed instrumental controls and performance measurements directly on site. Not least, EOS assisted the pool of banks – and, individually, each Institution – in understanding the technical aspects of the asset, and in the subsequent structuring of the Facility Agreement.