UniCredit provides €22.6m project financing for Port of Ravenna solar plant

UniCredit S.p.A., acting as global coordinator & bookrunner, structuring mandated lead arranger, hedging bank, agent bank, account bank, and green loan coordinator, has granted a €22.6 million green mini-perm project financing facility to Adriasol S.r.l. The borrower is a special purpose vehicle owned 50% by Renco S.p.A. and 50% by Eco Trade S.r.l. The funding is dedicated to the construction and management of a 37.16 MWp photovoltaic plant located within the port area of Ravenna, incentivised under the FER X Transitorio regime.

The project includes the provision of services related to the use of solar energy produced by the plant within the port area, specifically the "Cold Ironing" service for cruise ships moored at the Port of Ravenna. The initiative aims to strengthen the port's leadership in the cruise market by offering renewable energy at competitive costs while contributing to Italy’s goals established in the PNIEC. The project also benefits from a non-repayable public contribution under the PNRR funds and was developed by Renco as part of a public-private partnership concession between Adriasol S.r.l., as concessionaire, and the North-Central Adriatic Sea Port Authority, as granting authority.

FIVERS Studio Legale e Tributario assisted UniCredit S.p.A. throughout all phases of the financing. The multidisciplinary team was coordinated by partner Maria Teresa Solaro and included associates Marco Balzano, who also acted as project manager for the transaction, and Andrea Oddo, for the structuring of the project finance facility, negotiation of the loan agreement, and related financial and security documentation. Legal due diligence was managed by partner Antonio Papi Rossi and trainee Davide Rossi for regulatory and administrative law aspects (including profiles related to the public concession), while Maria Teresa Solaro and Marco Balzano handled the remaining profiles.

Adriasol S.r.l. was assisted in the structuring and negotiation of the financing and financial documentation by lawyer Paolo Paganucci and Renco S.p.A.’s internal multidisciplinary team, led by CFO Francesco Giustozzi and including development finance manager Leopoldo Mandelli and innovation for business manager Fabio Gagliardi.

Kiwa Moroni and AON acted as technical and insurance advisors, respectively. The model audit for UniCredit S.p.A. was entrusted to Deloitte, with a team led by Francesco Checcacci, head of valuation & modelling for Italy, and included director Louis Botros, Marco Giovannetti, and Anna Battuello. Notary Ira Bugani in Ravenna managed the preparation and finalisation of the notary acts and security interests.