N-Sun Energy, founded by Alantra Solar, has secured a €355m ($409.08m) green financing facility from Intesa Sanpaolo’s IMI Corporate & Investment Banking division.
The financing, secured by N-Sun Energy’s Italian subsidiary N-Sun Energy Advisors Italy 2, forms part of N-Sun Energy’s broader 1.8GW solar platform across Southern Europe.
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Additionally, Alantra Solar’s investment vehicle arranged a €50m corporate financing facility with Bankinter, backed by CESCE guarantee.
These funds will complete N-Sun Energy’s investment programme and reinforce its financial structure.
The financing will support the development and construction of five solar plants in Italy, with a total capacity of about 275MWp.
The projects are situated in Lazio (Ischia di Castro), Puglia (Lecce and Minervino Murge), and Sicily (Catania I & II).
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By GlobalDataCommercial operations for these plants are set to begin by the end of 2027.
Structured under a holdco project finance format, the financing package comprises long-term loan facilities, a VAT facility, a debt service reserve line, and guarantees covering power purchase agreements and decommissioning.
Intesa Sanpaolo served as mandated lead arranger, underwriter, bookrunner, global coordinator, agent bank, and green loan coordinator.
The bank highlighted its commitment to supporting projects in line with the green loan principles.
Bankinter’s investment and corporate banking teams will further help Alantra Solar in developing its assets in Italy.
This follows the €213m secured in January last year to build seven solar plants as part of the first 306MWp batch in Spain and Italy.
The investment vehicle continues to acquire ready-to-build projects developed by Solarig, backed by key investors Reichmuth Infrastructure and Amundi Energy Transition. To date, the vehicle has acquired 597MWp.
Alantra Solar managing partner Javier Mellado said: “This financing highlights the strength of the partnership between Alantra and Solarig in advancing one of the most ambitious solar energy platforms in Europe.
“It marks another milestone towards delivering N-Sun Energy’s 1.8GW portfolio and confirms the strong commitment of leading investors to our strategy.
“We remain dedicated to developing renewable projects that combine scale, sustainability, and long-term value creation for our investors and the communities in which we operate.”
