Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.
To close this agreement, PSL counted on the support of IDCM (Financial Advisor), EOS Consulting (Technical Advisor), Weil, Gotshal & Manges for the UK legal requirements, while Legance and Parola Angelini advised PSL on the Italian legal regulations of the transaction.
Massimo Sapienza, Managing Director at Peridot Solar Limited, said: “This Infranity financing agreement is a significant milestone in PSL’s history and the broader Italian solar PV market. Especially given its innovative structure in a highly competitive market. The Italian solar industry continues to show significant development and consolidation as a key contributor to Europe’s ambitious green energy agenda. With this deal PSL continues to strengthen its strong financial position in the Italian solar PV sector. PSL would like to thank all PSL, Infranity & supporting advisor team members for their hard work and dedication over the last 12 months to make this deal possible”.
Sacha Kamp, Investment Managing Director at Infranity, said: “We are very pleased to partner with the experienced PSL team and its shareholder, FitzWalter Capital Limited, by providing financing to a portfolio of greenfield solar PV assets in Italy. In light of the EU’s commitment to be carbon neutral by 2050, the capital needs to finance the energy transition in Europe are substantial, and Infranity is actively contributing through investments in high-quality and long-term positive impact infrastructure assets. We are looking at many more renewable energy investment opportunities across Europe.”
According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022.
