The FINANCIAL — A consortium of banks comprising Deutsche Bank, BayernLB, Helaba Landesbank Hessen-Thüringen and KfW IPEX-Bank has successfully closed the long-term debt financing of a ground-mounted 48 MW photovoltaic plant in Canaro/Italy.
According to Deutsche Bank, the Serenissima project was developed and constructed by S.A.G. Solarstrom AG, a listed company specialized in developing, constructing and erecting large-scale PV projects with a long-term track record. For the construction of the photovoltaic plant Deutsche Bank provided in June 2011 on a bilateral basis a short term construction bridge financing in an amount of EUR 83 million which has now been refinanced by the structured long-term financing.
After construction completion and grid connection in August 2011 the project was bought by a vehicle controlled by the BNP Paribas Clean Energy Fund in December 2011.
The EUR 118 million debt financing is split into two facilities: EUR 114 million long-term financing with a tenor of 17 years and EUR 4 million VAT facility with a tenor of 5 years.
With a capacity of 48 MW the project is one of the largest single photovoltaic plants in Italy located 17km south-west of the town Rovigo, Veneto. The whole plant area covers 120 hectare.
The ground mounted project uses 206,500 multi-crystalline PV modules supplied by market leading manufacturers. The solar parks produce 64 million kWh of electricity from environmentally friendly solar energy – enough to supply the equivalent of 14,500 four-person households. The project will be operated under an "Autorizzazione Unica" permit and will be subject to the Conto Energia 3 and Conto Energia 4 feed-in tariffs.