Clean energy private equity firm Platina Partners has completed a €37m refinancing of its 9.5MW Archangel photovoltaic (PV) project in Puglia, Italy. The group secured debt financing through Germany’s Commerzbank in the second deal between the two organisations have completed.
Riccardo Cirillo, Platina Partners, said, ‘The difficulties that asset developers and others have experienced in raising funds on the debt markets in recent times have been well documented. We may not have quite returned to the situation we faced in 2008 and 2009, but nonetheless the environment remains extremely challenging.
‘‘That said there will always be an appetite to invest in the right projects and that is as true today as it has ever been. We are delighted that Commerzbank has chosen to invest again in one of our projects. This is the second time that we have worked with them and we look forward to continuing our relationship in the future.’
Hajo Neugaertner, head of international project finance of Commerzbank’s Renewable Energy business, added, ’The Archangel project with its strong asset structure and Platina, as one of the most professional sponsors in Europe, is still the combination that can attract larger long-term debt commitments from lenders even in an environment of a significantly tighter loan market. For Commerzbank, this project was also perfect to leverage its experience in the Italian project finance market and to benefit from the bank’s strong local presence through its Milan branch.’
In August, Platina announced that it had acquired three solar farms in Italy and signalled the intention of purchasing more.