UK solar investment firm Octopus Investments Ltd, part of the Octopus Group, has completed the refinancing of 5 solar projects with 64 MW of generation capacity near to Montalto di Castro in the Lazio region of Italy. The €23 million ($28 million) financing package has been provided by MPS Capital Services Banca per le Imprese (MPSCS). The financing represents »a new landmark deal for solar in Europe – securing project finance debt against solar projects without government subsidy,« says the company. According to former announcements, the plants have been connected to the grid in April 2017. Modules were delivered by Canadian Solar, inverters were delivered by SMA.
Italy remains a key market for Octopus, as a further 110 MW of subsidy free solar projects are currently being built across 12 additional sites in the country. When completed, these additional projects will bring Octopus’ Italian solar portfolio to a total of 173 MW. Linklaters (Legal), Sinergetica (commercial) and PWC (Tax and accounting) advised Octopus and EOS Consulting (Technical), Watson Farley & Williams (Legal) and Operis (Model Audit) advised the lenders.
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