Coversol Solar Investments Secures €25m Financing for Major Italian Rooftop PV Portfolio

Coversol Solar Investments GmbH (CSI) has successfully finalized a comprehensive financing package for its Coversol 1 portfolio, a significant aggregation of rooftop photovoltaic (PV) systems on commercial and industrial buildings across Italy, boasting a total capacity of 29 MWp. The financing arrangement includes a junior debt facility from Energy Transition International Capital (ETIC), operating under the Energy Transition Europe fund, which has contributed €6 million towards the project’s equity through a new holding company. This move is aimed at recapitalizing CSI’s equity investment in the Coversol 1 portfolio.

The senior debt portion of the finance package was secured through a consortium led by Crédit Agricole Transitions & Energies via Unifergie, its financing division, and BPCE Energeco, a subsidiary of BPCE LEASE. The financial closure marks a pivotal step in supporting the completion of the entire financing structure for the project.

With over 44 PV installations primarily in the Piedmont region, the portfolio is among the largest of its kind in Italy. It includes systems that are already operational, totaling 7 MWp, and others under construction, amounting to 15 MWp. These installations are set to operate under Italy’s “FER1” Contract for Difference incentive scheme, which guarantees a 20-year feed-in tariff, with a portion of the energy produced to be sold through on-site Power Purchase Agreements (PPAs).

This strategic financial endeavor not only underlines CSI’s commitment to expanding its green energy footprint in Italy but also aims to facilitate the development of new energy production capacities. With over 125 MWp currently under development and a goal to manage over 1 GW by 2030, CSI is positioning itself as a key player in supporting energy-intensive industries and energy communities within the country.

The transaction was supported by Capcora, acting as the exclusive financial advisor to CSI, with BonelliErede serving as the legal advisor to the lenders.