CCE Group, Enernovum Secure Funds for 600MW Solar Portfolio in Italy

A joint venture of CCE Group and Enernovum called CCE Solar Invest has secured finance for a portfolio of 14 solar farms totalling 600MW in Italy. The three-year loan from Kommunalkredit Austria is for projects in the Lazio, Tuscany and Apulia regions.

It has been granted for the purpose of obtaining authorisation and pursuing the relevant authorisation procedures to enable the portfolio projects to reach the ‘ready to build’ status by the second quarter of 2022.

Kommunalkredit is a specialist for infrastructure and energy financing focussed on developing sustainable infrastructure and was advised by law firm Watson Farley & Williams.

The WFW Italy team was led by partner and WFW Italy head Eugenio Tranchino, working closely with partner Mario D’Ovidio and associates Amelia Garavaglia and Daniele Sani on the financing aspects of the transaction.

Partner Tiziana Manenti, senior associates Cristina Betti and Anthony Bellacci and associate Antimo Nersita advised on regulatory matters.

Counsel Luca Sfrecola and associate Francesco Vanzaghi provided corporate expertise and senior associate Alfredo Guacci Esposito on tax advice.

PHH Prochaska Havranek Rechtsanwalte advised Kommunalkredit on matters of Austrian law. CCE Solar Invest was advised by Dentons. Wolf Theiss advised the joint venture on Austrian law.

Earlier this month, Italy’s state energy management agency Gestore dei Servizi Energetici (GSE) launched the country’s seventh renewable energy tender that is expected to award 3,312MW of solar photovoltaic and wind capacity.

The latest contracting process includes unallocated capacity in previous six unsubscribed auctions, totalling 2,485 MW. Proposals will be accepted by October 30, 2021, with winners expected to be announced by January 28, 2022.

A total of 4,825 MW of capacity has been made available for the construction of renewable power plants, as well as for the refurbishment of existing wind and hydropower facilities. Some 3,572 MW of the overall capacity is reserved for wind and solar photovoltaic (PV) projects, of which 3,312 MW will be awarded in an auction and the rest in a separate registration. Some 124 MW will be available to hydro projects.