Capital Dynamics, an independent global private asset management firm, secured €185 million (~$199.54 million) in project financing for two solar projects—currently under construction—with a total capacity of 187 MW in Sicily, Italy. Natixis Corporate and Investment Banking are the lenders.
Natixis CIB acted as Sole Underwriter, Structuring Mandated Lead Arranger (MLA) and Bookrunner, Agent, Green Loan Coordinator, and Issuing Bank of the ancillary Guarantee Facilities. EOS Consulting acted as the lender’s technical advisor, while Steer acted as the lender’s model auditor.
According to Capital Dynamics, the projects are expected to produce approximately 324 GWh of clean electricity annually, enough to power over 63,500 households a year.
Dario Bertagna, Managing Director and Co-Head of Clean Energy, highlighted the importance of this achievement, “This financing marks a significant milestone in accelerating Italy’s transition to clean energy. By combining renewable energy with sustainable agriculture practices, we are not only contributing to the country’s energy goals but also fostering local economic development and environmental stewardship.”
In July, the company also announced that its clean energy business acquired a 100% equity stake in six solar projects in Spain, which it bought via two deals. All six projects have also entered into Pay-as-Produced power purchase agreements with an S&P 500 company.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this week, Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, secured $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank.
