GreenGo, a renewable energy project developer, secured €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW.
Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
The portfolio has a 47% corporate power purchase agreement with Sasol Italia, a 17% incentive from the GSE, and 36% from a full merchant model.
All the projects are currently under construction and are expected to reach commercial operations by mid-2025.
Green Horse Advisory served as GreenGo’s legal advisor and DLA Piper served as Inesa Sanpaolo’s legal advisor. EOS Consulting acted as a technical advisor in the transaction.
“This transaction represents the beginning of a new phase for GreenGo as we solidify our position as an IPP. After securing financing for our first 42 MW, we are now on track to develop an additional 40 MW of solar capacity, setting us on course to achieve our 2025 target of 250 MW in authorized projects. The support from Intesa Sanpaolo underscores the strength of our business model and the ability to foster collaboration between SMEs and financial institutions in driving the green economy,” commented GreenGo CEO Giuseppe Mastropieri.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, BrightNight, an independent renewable energy producer, announced the financial closure of a $260 million tax-equity financing commitment, including deferred contributions, for the 300 MW Box Canyon solar project in Arizona, jointly owned with Cordelio Power.
