Innovo Renewables secures 80.5-million-euro project financing for solar PV portfolio

Innovo Renewables has finalised an 80.5-million-euro project financing facility to support the development and construction of a 70-MWp utility-scale solar photovoltaic portfolio. The operation was conducted through the special purpose vehicle Innovo Power Generation 1.

The credit package includes ancillary lines specifically designed to cover the development and construction phases of the project. Bayerische Landesbank acted as the sole lender and provided multiple roles within the syndicate, including agent, original lender, structuring mandated lead arranger, issuing bank, global coordinator, and bookrunner.

Bayerische Landesbank was advised by Green Horse Legal Advisory throughout the legal structuring of the transaction. The firm’s multi-disciplinary team was overseen by deputy managing partner Andrea Gentili. The finance workstream was managed by partner Francesca Cuzzocrea, senior associate Gian Filippo Bendandi, associate Daniele Sani, and junior associate Olga Capacchione. Regulatory and permitting matters were handled by partner Ivano Saltarelli, senior associate Giulia Guidetti, and junior associates Chiara Grotto and Luisa Vandenbulcke. Project contracts were overseen by senior associate Laura Galbiati and junior associate Chiara Chirichigno, while associate Niccolo Casartelli managed corporate profiles.

The Innovo Group was represented by Gatti Pavesi Bianchi Ludovici, with a team led by junior partner Daniele Pompei and supported by associates Alessandro Martegiani and Maria Concetta Molica. The firm managed the negotiation of the financial documentation and oversaw the drafting and negotiation of all project and supply agreements for the portfolio, as well as the corporate activities necessary for the execution of the financing.

ValeCap acted as the sole financial advisor to Innovo Power Generation 1 during the structuring phase with a team consisting of partner Pierluigi Berchicci, managing director Francesco Chiavistelli, and associate Matteo Melchiori. Notary services for the transaction were provided by Milano Notai, with a team comprising notary Stefania Anzelini, Mattia Tracanna, and Tommaso Mazzola.