Operis was delighted to provide both financial modelling and model audit services to Encavis AG in support of its €88 million refinancing of a portfolio of 21 ground mounted solar PV plants located across Italy, which reached financial close on 30 September 2021. The total capacity of the portfolio stands at 41.7MWp, with the majority of the plants being located in Northern Italy (with a capacity of 33MWp), and the remaining plants being located in central and southern Italy.
Operis’s role included building a tailored transactional model for the project, as well as providing a rigorous audit of the financial model conducted by a separate and independent team within the company.
The debt of €88 million, comprising of an €81.4m Term Loan Facility, a €6.1m Debt Service Reserve Facility and a €0.5m Letter of Credit Facility, was funded by four banks, namely ABN AMRO Bank N.V., Bankinter S.A., Bayerische Landesbank and Société Générale, further supporting Encavis’s internationalisation of its funding solutions and partners.
