Operis built the financial model used to secure the financing of the Montalto di Castro photovoltaic park in Italy, which reached financial close on September 17, 2009.
This project, sponsored by SunRay Renewables Energy Ltd. is, at 24MW, the largest project of his kind in Italy. In addition to providing support to the project sponsors, a separate Operis team acted as model auditor on behalf of the sponsor and lenders.
The project involves the construction and operation of a EUR110 million photovoltaic solar project in the Lazio region and is financed by Société Générale, West LB and Intesa San Paolo with subordinated financing provided by SunRay, totalling approximately EUR20 million.
The Montalto di Castro project was the first project closed using a model developed by Operis for the specific purpose of remaining SunRay’s cornerstone of it’s financial evaluation process. This financial model can be used to perform a broad range of tasks from the initial assessment of bankability, feasability and profitability, through to achieving financial close and monitoring performance during operations.
In line with SunRay’s broad arena of operations the model is highly flexible and allows assessment of projects in varying tax and accounting jurisdictions including Spain, Italy, Greece and France.
