Italy’s asset management firm Tages Capital sgr, through its energy Tages Helios Fund, and Delos Power, a joint venture between Tages Capital and Renam srl (a primary renewable energy operator in Italy) announced yesterday that they had refinanced with a 162 million euros loan facility the whole portfolio of solar plants they had acquired last August from First Reserve known as 9Ren and including 51 plants through 19 SPVs with a 55.4 MW of installed capacity (see here the press release).
More in detail, the facility is made by four credit lines, with a term loan, a VAT line relative to real estate acquisitions and a VAT line relating to the four SPVs. The credit facility has been issued by Banca Imi, Bnp Paribas, Intesa Sanpaolo, Natixis and Unicredit
Tages Helios is a private equity fund focused on energy and infrastructure which has been launched by Tages Capital sgr just after Umberto Quadrino, former Edison’s ceo, had acquired a stake in Tages Holding (see here a previous post by BeBeez). In the last few months the fund has been investing a lot and has now 157 MW of installed power capacity, being the third operator in Italy in the sector.
Tages Capital and Delos Power were supported by Legance Studio Legale in the refinancing deal and by Norton Rose Fulbright as for the legal due diligence. Clifford Chance advised the banks as for the legal issues.