Tages Capital SGR Secures €671 Million Green Loan To Refinance 272 MWp Of Solar Assets And Expand Storage Across Its Italian PV Portfolio

Tages Capital SGR, an asset manager focused on private-market alternative investment funds and currently the second-largest photovoltaic operator in Italy by installed capacity, has completed a major non-recourse green loan transaction valued at €671 million. The financing will support the refinancing of its entire photovoltaic portfolio, which totals around 272 MWp, and will also fund upgrades, repowering activities, capacity expansion, and the development of new electrochemical storage systems.

The transaction took place in two stages. The first phase closed on 29 October 2024 with €276 million in financing. The second phase was completed on 23 October 2025 and added a further €395 million, bringing the total to €671 million. A group of seven banks provided the financing. These included Banco BPM, Bayerische Landesbank, BNP Paribas (Italian branch), Crédit Agricole Italia, Intesa Sanpaolo (IMI CIB Division), Société Générale (Milan branch), and UniCredit. All banks acted as mandated lead arrangers, lenders, bookrunners, and green loan coordinators. UniCredit also took on the roles of Depositary Bank and Facility Agent.

Umberto Quadrino, Chairman of Tages S.p.A. and Investment Director of Tages Capital SGR, said the transaction reflects the company’s ongoing commitment to improving both the operational and financial performance of its assets. He noted that Tages follows sustainable financing approaches aligned with advanced ESG standards across all its portfolios. For the Tages Helios fund specifically, this financing will support several key goals, including restructuring the corporate structure of the portfolio, implementing technological upgrades to the plants, and expanding electrochemical storage capabilities.

Tages Capital SGR and Delos Service, the operator responsible for managing all plants owned by the Tages Helios fund, received legal support from the law firm Ashurst throughout the structuring of the financing and related documentation. The pool of lending banks was advised by Clifford Chance as legal counsel, while EOS Consulting provided technical and environmental expertise, and Aon Italia served as insurance advisor. All notarial activities connected to the transaction were handled by the Marchetti Notarial Firm.