European Energy has secured a 94,5 million euros financing of its Apulian solar farms with the French financial service firm Natixis. The agreement marks the first ever Italian photovoltaic park to be financed without having first been supported by state subsidies.
The Troia solar farm in Apulia (near Foggia) was connected to the grid in June after just one year of construction and stands today as the biggest solar farm in Italy. The new power plant will save more than 80,000 tons of CO2 emissions per year.
The financing operation is related to solar farms at a total of 121,5 MW in Apulia divided into three sections:
– Section A: 63 MW operating since November 2019. Entitled to receive feed-in-tariffs for 20 years under the 5th Conto Energia.
– Section B: 40 MW in grid parity completed in June 2020
– Section C: A total of 18,5 MW in grid parity to be finished by October 2020.
Knud Erik Andersen, Co-founder and CEO of European Energy says:
“We are very pleased to have now secured this important financing of our Apulian solar farms, and we appreciate Natixis’ continuous support. Italy is one of our main markets, as we can pair the climate conditions and sunny days with cutting edge solar technology. We stand ready to invest heavily in similar Italian projects over the next 5 years.”
Alessandro Migliorini European Energy Country Manager and CEO of the Italian branch European Energy Italia says:
“The present agreement is another recognition of our competence in developing renewable energy projects. Our strategy is to build last generation wind and solar plants with cutting edge technology and market oriented. I am happy that our projects are attractive not only to clients like i.e. utilities and industries but also to investors and financial operators.”
European Energy was assisted for this deal by GOB law firm, EOS srl and Corafin spa acting as advisors.
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3 of €11.4 billion, a Basel 3 CET1 Ratio of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).