Obton bags syndicated loan for 116 MW of solar parks in Italy
Solar park in Emmeloord, the Netherlands. Source: Obton
March 25 (Renewables Now) - Danish investment firm Obton has secured more than EUR 400 million (USD 441.2m) in debt from a consortium of lenders to refinance and revamp a 116-MW portfolio of solar parks located at brownfield sites in Italy.
The financing was extended by funds managed by Generali Global Infrastructure, Natixis CIB and UniCredit, the latter said on Thursday. The transaction includes a term facility to refinance existing indebtedness, a capex facility for revamping works, a true-up facility to re-leverage the portfolio and a debt service ratio (DSR) facility.
The debt is earmarked for the WT2 portfolio, which consists of 144 photovoltaic (PV) plants that were switched on between June 2008 and March 2013. The combined output of the facilities is enough to cover the electricity consumption of roughly 50,000 homes per year.
The three banks acted as structuring mandated lead arrangers and lenders in the transaction, while UniCredit and Natixis CIB also served as bookrunners, hedging banks and sustainability global coordinators.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.