Octopus refinances subsidy-free solar projects in Italy in EUR-23m deal

Solar park in Italy. Author: Solar Farm - Solar energy power plants. License: Creative Commons, Attribution 2.0 Generic

January 30 (Renewables Now) - UK renewables investor Octopus Investments has finalised the refinancing of a 64-MW solar portfolio in the Lazio region of Italy, it announced on Tuesday.

MPS Capital Services Banca per le Imprese (MPSCS) has provided a EUR-23-million (USD 28.6m) financing package for five subsidy-free solar projects near Montalto di Castro. This is a landmark deal for solar in Europe as it saw assets without government subsidy secure project finance debt, Octopus said in a statement.

The renewables investor has 12 additional subsidy-free solar projects that are currently under construction in Italy. They have a combined capacity of 110 MW and once they are completed, Octopus’ entire Italian solar portfolio will reach 173 MW, it noted.

Octopus completed “Europe’s largest ever portfolio refinancing” in November 2017. The deal involved assets totalling 622 MW.

(EUR 1.0 = USD 1.243)

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