Tages Capital, an asset manager specializing in private-market alternative investment funds, completed a non-recourse green loan transaction worth €671 million (~$781 million).
The financing will be used to refinance its entire portfolio of solar projects totaling approximately 272 MWp and to fund project upgrades and repowering initiatives, including capacity increases and the development of electrochemical storage systems.
The transaction was carried out in two phases, the first closed on October 29, 2024, with a €276 million (~$321 million) financing, followed by a second phase, which was completed on 23 October 2025, increasing the financing by an additional €395 million (~$460 million).
A consortium of seven banks provided the financing, including Banco BPM, Bayerische Landesbank, BNP Paribas Italian Branch, Crédit Agricole Italia, Intesa Sanpaolo (IMI CIB Division), Société Générale (Milan Branch), and UniCredit, all acting as mandated lead arrangers, lenders, bookrunners, and green loan coordinators. UniCredit also served as a depositary bank and facility agent.
Umberto Quadrino, Chairman of Tages S.p.A. and Investment Director of Tages Capital SGR S.p.A., commented, “We are particularly pleased with this transaction, which confirms our commitment to identifying solutions that enhance the operational and financial performance of our portfolio, further strengthening its quality and resilience. To achieve these goals, we adopt sustainable financial solutions aligned with the most advanced ESG standards across all our portfolios. Specifically, for the Tages Helios fund’s portfolio, this transaction enables us to pursue key industrial and financial objectives, including a more efficient restructuring of the portfolio’s corporate chain, the implementation of the plants’ technological upgrade plan, and the development of electrochemical storage systems”.
Ashurst advised Tages Capital and Delos Service (which currently manages all the projects owned by the Tages Helios fund) on all the legal matters related to the structuring of the financing transaction and the associated finance documentation. Clifford Chance acted as the legal counsel for the lenders.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In December, Econergy Renewable Energy, an independent renewable energy power producer, signed a €40.5 million (~$47 million) project finance agreement with UniCredit Bank for its 87 MW Oradea solar project in the Crișana region in north-west Romania.
