IVPC secures €187.1 million project financing for repowering of wind energy portfolio in southern Italy

IVPC S.r.l. (Italian Vento Power Corporation), equally owned by Eurus Energy Europe B.V. and Energya S.p.A., has signed a multi-line project financing agreement with a pool of banks, structured on committed and accordion lines with an innovative single borrower structure, for a total amount of €187.1 million. The financing was provided by UniCredit S.p.A., acting as, among other roles, bank agent, mandated lead arranger, global coordinator, bookrunner, underwriter and financing bank, and Crédit Agricole Italia S.p.A., acting as mandated lead arranger and financing bank.

The financing supports the repowering of a portfolio of wind farms wholly owned by IVPC S.r.l., located across the Campania and Puglia regions, with a current combined capacity of approximately 169 MW, set to increase to approximately 293 MW upon completion. The repowering project involves the replacement of 140 existing wind turbines — originally built between 1996 and 1999 — with 22 state-of-the-art 6.1 MW turbines, and has already commenced on the first two wind farms.

The transaction represents one of the most significant in the Italian wind energy sector and will contribute substantially to national energy independence and the decarbonisation of the electricity system, increasing renewable energy production while reducing the environmental footprint of the wind farms through a significant reduction in the number of turbines.

IVPC also operated through its internal Finance Team, led by Chief Financial Officer Stefano Renza and comprising Giuseppe Cutolo and Serena Santonastaso, who coordinated the entire financing process in close collaboration with the lenders and advisors.

IVPC S.r.l. and the sponsors were assisted by BonelliErede, with a multidisciplinary team from the Infrastructure, Energy and Ecological Transition Focus Team, led by partner Catia Tomasetti. The negotiation and review of the financial documentation was handled by senior counsel Daniela De Palma, senior associate Giovanni Guglielmo (project manager) and Camilla Orsi. Administrative and regulatory matters were covered by partner Giovanna Zagaria and associate Elisa De Giuli; tax matters by partner Riccardo Ubaldini and senior associate Giovanni Bisleri; hedging contracts by associate Alessandro Nicolini. Due diligence activities were carried out by beLab's Transaction Services team, led by managing director Michel Miccoli and comprising senior legal advisor Antonino Palumbo and legal specialist Giorgio Intini.

The lending banks were assisted by Legance, with a team led by partner Giovanni Scirocco, supported by counsel Giuseppe D'Amore, managing associate Isabella Gisonna and associate Francesca Occhi. Tax matters relating to the financial documentation were handled by counsel Luigi Quaratino.

Dutch law aspects were covered by Dentons Europe LLP, with a team led by partner Marcel Janssen and counsel Gerard Koster, and comprising associates Frits Miedema and Willem Lugard.

Notarial matters were handled by notary Salvatore Mariconda of Rome. Lazard Financial Advisory acted as financial advisor, with a team comprising managing director Paolo Dell'Orletta, associate Francesco Pozzi and analyst Davide Lampugnani.