METLEN has secured €65 million in financing for the construction of Porto Torres and Casale Monferrato, two large-scale solar parks totalling 60 MW, expected to be completed by the end of 2025. Both projects will be located in Sardegna and Piemonte, two strategically important regions for METLEN’s expansion in Italy.
The solar parks benefit also from a state-backed incentive tariff granted by the GSE (Gestore dei Servizi Energetici) for a period of 20 years and are estimated to produce approximately 110 GWh of clean energy annually, enough to meet the energy needs of over 50,000 Italian households and prevent the emission of 26,000 tons of CO2 per year.
The financing for these projects was concluded through a club deal structure, with UniCredit (acting as Global Coordinator and Mandated Lead Arranger, Green Loan Coordinator, Hedging Bank, Issuing Bank, Agent and Account Bank), Intesa Sanpaolo – IMI CIB Division (acting as Global Coordinator and Mandated Lead Arranger, Green Loan Coordinator and Hedging Bank) and Alpha Bank (acting as Mandated Lead Arranger and Hedging Bank). This funding includes €56 million in non-recourse senior debt, alongside €3 million for VAT financing and €3 million for DSR Facility, and LC facilities covering decommissioning obligations for the GSE and local municipalities.
In addition, the financing transaction also includes accordion facilities, which allow for future expansion of the credit commitments for two additional solar projects; and one BESS, representing a key structural innovation and strategic asset for grid support and revenue optimization.
Project financing was supported by a team of advisors including BonelliErede as borrower’s legal advisor, Legance as lenders’ legal advisor, EOS Consulting as technical advisor, Marsh as insurance advisor, KPMG as model auditor, and Aurora as market advisor.
