Italian renewable energy company Enel Green Power Spa (EGP), a subsidiary of the Enel Group, and Italy-based investment fund F2i SGR Spa have signed an agreement to refinance their JV and photovoltaic operator Gruppo EF Solare Italia’s debt with a pool of credit institutions. The transaction involves five financial institutions: Banca IMI (Intesa Sanpaolo Group), BNP Paribas Italian Branch, Credit Agricole Corporate & Investment Bank, ING Bank NV, Uni Credit which, together with the participation of Cassa Depositi e Prestiti, will provide a total of €1.02 billion ($1,24 billion) of new debt in the form of a non-recourse project financing arrangement.
According to the companies, the refinancing enables EF Solare Italia, acting through EF Kosmos (a wholly owned subsidiary that controls all the companies owning the plants involved in the transaction) to optimize the terms and conditions of the credit lines, to rationalize its corporate structure and to support the future growth of the Group.
EF Solare Italia owns 123 plants in 14 regions with an installed capacity of almost 400 MW. The Joint Venture has been established in 2015 to acquire the PV plants owned by Enel Green Power and F2i in Italy.
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