Gleiss Lutz has advised a banking consortium on the financing for the construction of photovoltaic projects for the Sunprime Group. The financing will support the realisation of a portfolio of greenfield photovoltaic projects totaling 216 MW. In detail, it involves more than 250 rooftop and ground-mounted photovoltaic projects across the country, developed directly by Sunprime, which will be completed by the end of 2024. The portfolio will benefit from a fixed tariff for 20 years granted by the Gestore dei Servizi Energetici (GSE) under the DMFER incentive scheme.
The Sunprime group, through its subsidiaries Sunprime Generation Srl and Sunprime Energia Distribuita Srl, with the support of investors Noy Fund and Nofar Energy, entered into a €150m project financing agreement with a pool of Austrian and German banks consisting of Kommunalkredit Austria AG, acting as Mandated Lead Arranger and Structuring Bank, together with KfW IPEX-Bank and Norddeutsche Landesbank Girozentrale (Nord LB), both acting as Co-Arrangers.
This is the largest financing ever obtained in Italy for rooftop photovoltaic projects, and among the largest in the renewables sector in Italy in recent years.
The following team of Gleiss Lutz lawyers advised the banking consortium in Germany: Dr. Eva Reudelhuber (partner, lead, Munich) and Pascal Urban (associate, banking, Frankfurt).
In Italy a team of Legance lawyers led by finance partner Tommaso Bernasconi (partner) and Francesca Brilli (senior counsel) assisted the banking consortium.
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