Obton bags syndicated loan for 116 MW of solar parks in Italy

• Danish investment company Obton has secured more than EUR 400 million (USD 441.2 m) in debt from a consortium of loan providers to refinance and also revamp a 116-MW portfolio of solar parks located at brownfield sites in Italy.

The funding was prolonged by funds taken care of by Generali Global Infrastructure, Natixis CIB and UniCredit, the latter said on Thursday. The deal consists of a term facility to refinance existing insolvency, a capex facility for revamping works, a true-up facility to re-leverage the portfolio as well as a debt solution ratio (DSR) facility.

The financial obligation is set aside for the WT2 portfolio, which contains 144 solar (PV) plants that were switched on between June 2008 and also March 2013. The consolidated result of the facilities suffices to cover the electrical power usage of approximately 50,000 residences each year.

The 3 financial institutions acted as structuring mandated lead arrangers and lending institutions in the transaction, while UniCredit and also Natixis CIB also functioned as bookrunners, hedging banks as well as sustainability worldwide planners.