EIB and Natixis Finance Major Photovoltaic Project in Italy

EIB and Natixis Finance Major Photovoltaic Project in Italy

(IN BRIEF) The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and the Sunprime Group have signed a project finance operation worth €204 million to support the construction of over 100 photovoltaic plants across Italy, with a total installed capacity of 220 MW. This initiative aims to generate approximately 275 GWh/year of renewable energy by 2026, enough to meet the annual needs of more than 105,000 Italian households. The project aligns with RePowerEU targets, which the EIB supports with an additional €45 billion by 2027. The EIB will provide long-term financing of around €97 million. Natixis CIB serves as the Sole Underwriter, Structuring MLA, Bookrunner, Hedging Bank, Green Loan Coordinator, and Agent Bank. The PV portfolio is expected to reduce CO2 emissions by about 2.35 million tonnes over its life cycle. Most systems will qualify for the incentive rate under the Renewable Decree (FER Decree 1), generating contractual revenues for 20 years. Transaction advisors include Legance – Avvocati Associati, Ashurst Studio Legale, Praxi, Marsh, KPMG, and ValeCap.

(PRESS RELEASE) LUXEMBOURG, 30-Jul-2024— /EuropaWire/ — The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and the Sunprime Group have signed a €204 million project finance agreement to support the construction and operation of over 100 photovoltaic plants across Italy. This initiative will bolster Italy’s renewable energy capacity and contribute significantly to the RePowerEU targets.

Key Details:

• Project Scope: The loan will finance more than 100 photovoltaic systems on roofs and land throughout Italy, with a combined installed capacity of up to 220 MW.
• Energy Production: By 2026, these plants are expected to generate approximately 275 GWh of renewable electricity annually, meeting the needs of over 105,000 Italian households.
• Environmental Impact: The project will help reduce CO2 emissions by about 2.35 million tonnes over its lifecycle, aligning with Italy’s renewable energy goals and the EIB’s climate initiatives.

Financing and Support:

• EIB Loan: The EIB will provide long-term financing of around €97 million.
• Natixis CIB Role: Natixis CIB is serving as the Sole Underwriter, Structuring MLA, Bookrunner, Hedging Bank, Green Loan Coordinator, and Agent Bank.

Statements from Leaders:

• EIB Vice-President Gelsomina Vigliotti: “Italy has immense potential for solar energy, and this funding will enhance the country’s energy independence. As the EU’s climate bank, our financing is crucial for a sustainable future.”
• Sunprime CEO Antonio Mazzitelli: “This transaction helps us achieve our goal of 500 MWp across 400 projects, focusing on sustainable installations on industrial roofs and lands.”
• Stefano Mazza, Natixis CIB: “We are proud to support this greenfield initiative, reinforcing our commitment to renewable energy and sustainable development in Italy.”

Additional Information:

• Revenue Generation: Most systems will qualify for the incentive rate under Italy’s Renewable Decree (FER Decree 1), ensuring 20 years of contractual revenues. Installations on agricultural land will either enter long-term electricity purchase agreements or sell energy on the market.

Project Advisors:

• Legance – Avvocati Associati (lenders’ legal support)
• Ashurst Studio Legale and Ashurst LLP (Sunprime’s legal support)
• Praxi (technical)
• Marsh (insurance)
• KPMG (tax and model auditing)
• ValeCap (financial advisory for Sunprime)

This substantial investment underscores a commitment to sustainable energy and aims to make Italy a leader in solar power production.

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to the European Union’s strategic objectives. EIB projects strengthen competitiveness, stimulate innovation, promote sustainable development, improve social and territorial cohesion while supporting a fair and rapid transition to climate neutrality. Over the past five years, the EIB Group has provided more than €58 billion of loans for projects in Italy.

About Sunprime

Sunprime is an independent producer of renewable energy from photovoltaic systems, specialising in the development, construction and operation of photovoltaic systems in Italy. Founded in 2020, Sunprime owns and operates about 180 MW of installed capacity to date and employs over 110 people.  Nofar Energy and Noy Fund are amongs the shareholders of Sunprime along with Sunprime’s Management.

About Natixis Corporate and Investment Banking

Natixis Corporate and Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organisations worldwide. Our teams of experts in 30 countries advise clients on their strategic development, helping them to grow and transform their businesses, and maximise their positive impact. We are committed to supporting the environmental transition by aligning our financing balance sheet with a 1.5°C trajectory by 2050. As part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks, Natixis CIB benefits from the group’s financial strength and solid financial ratings (Standard & Poor’s: A+, Moody’s: A1, Fitch: A+, R&I: A+).

Media Contact:

Lorenzo Squintani
l.squintani@eib.org
+352437982528

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank