April 2, 2012

Deutsche Bank led a consortium of banks to provide EUR 118 million in loans for 48 MW photovoltaic project in Italy

A consortium of banks comprising Deutsche Bank, BayernLB, Helaba Landesbank Hessen-Thüringen and KfW IPEX-Bank has successfully closed the long-term debt financing of a ground-mounted 48 MW photovoltaic plant in Canaro/Italy.

The Serenissima project was developed and constructed by S.A.G. Solarstrom AG, a listed company specialising in developing, constructing and erecting large-scale PV projects with a long-term track record. For the construction of the photovoltaic plant Deutsche Bank provided in June 2011 on a bilateral basis a short term construction bridge financing an amount of EUR 83 million which has now been refinanced by the structured long-term financing. After construction completion and grid connection in August 2011 the project was bought by a vehicle controlled by the BNP Paribas Clean Energy Fund in December 2011.

The EUR 118 million debt financing is split into two facilities: EUR 114 million long-term financing with a tenor of 17 years and EUR 4 million VAT facility with a tenor of 5 years.
With a capacity of 48 MW the project is one of the largest single photovoltaic plants in Italy located 17km south-west of the town Rovigo, Veneto. The whole plant area covers 120 hectares.

The ground mounted project uses 206,500 multi-crystalline PV modules supplied by market leading manufacturers. The solar parks produce 64 million kWh of electricity from environmentally friendly solar energy – enough to supply the equivalent of 14,500 four-person households. The project will be operated under an "Autorizzazione Unica" permit and will be subject to the Conto Energia 3 and Conto Energia 4 feed-in tariffs.

For further information, please call:
Deutsche Bank AG
Dr. Klaus Winker
Phone: +49 (0) 69 / 910 32249
Email: klaus.winker@db.com



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Last Update: April 2, 2012
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