Obton luggage syndicated mortgage for 116 MW of photo voltaic parks in Italy

March 25 (Renewables Now) – Danish funding agency Obton has secured greater than EUR 400 million (USD 441.2m) in debt from a consortium of lenders to refinance and revamp a 116-MW portfolio of photo voltaic parks positioned at brownfield websites in Italy.

The financing was prolonged by funds managed by Generali World Infrastructure, Natixis CIB and UniCredit, the latter stated on Thursday. The transaction features a time period facility to refinance present 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) crops that had been switched on between June 2008 and March 2013. The mixed output of the services is sufficient to cowl the electrical energy consumption of roughly 50,000 houses per 12 months.

The three banks acted as structuring mandated lead arrangers and lenders within the transaction, whereas UniCredit and Natixis CIB additionally served as bookrunners, hedging banks and sustainability international coordinators.

(EUR 1.0 = USD 1.103)

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