July 23 (Renewables Now) - Cubico Sustainable Investments has achieved financial close on the refinancing of a 27.4-MW portfolio of solar parks in Italy, it said on Monday.
The London-based renewables investor has secured EUR 75 million (USD 83.9m) in non-recourse project debt for the so-called Solis portfolio, consisting of 14 operational photovoltaic (PV) plants. The facilities, with capacities ranging between 1 MW and 15 MW, are located in Lazio, Veneto and Sicily, respectively. Cubico bought most of them from funds managed or advised by Swiss private markets investor Partners Group in May.
Credit Agricole Corporate and Investment Bank and Societe Generale acted as structuring mandated lead arrangers, bookrunners and lenders in the financing deal.
Norton Rose Fulbright acted as legal counsel, while Moroni & Partners provided technical support for the lenders. Cubico, in turn, was advised by Bird & Bird on legal issues and by KPMG on tax and model audit.
(EUR 1.0 = USD 1.118)