Tages Capital SGR, a leading Italian alternative asset manager and the country’s second-largest photovoltaic operator by installed capacity, has completed a €671 million non-recourse green loan to refinance its full portfolio of solar assets and advance plant upgrade initiatives. The financing will support repowering activities, capacity enhancements, and the development of electrochemical storage systems across approximately 272 MWp of photovoltaic plants.
The transaction was executed in two phases. The first, concluded on 29 October 2024, secured €276 million. A second phase, finalised on 23 October 2025, added a further €395 million, bringing total financing to €671 million.
A consortium of seven banks — Banco BPM S.p.A., Bayerische Landesbank, BNP Paribas Italian Branch, Crédit Agricole Italia S.p.A., Intesa Sanpaolo (IMI CIB Division), Société Générale S.A., Milan Branch, and UniCredit S.p.A. — acted as mandated lead arrangers, lenders, bookrunners, and green loan coordinators. UniCredit S.p.A. also served as Depositary Bank and Facility Agent.
Commenting on the development, Umberto Quadrino, Chairman of Tages S.p.A. and Investment Director of Tages Capital SGR S.p.A., said the transaction reinforces the company’s commitment to sustainable finance and operational optimisation. He noted that the structure will facilitate corporate chain restructuring, technological upgrades, and the rollout of electrochemical storage systems for the Tages Helios portfolio.
Tages Capital SGR and Delos Service, which manages all assets of the Tages Helios fund, were advised by Ashurst on legal aspects of the financing. The lending banks received legal counsel from Clifford Chance, with EOS Consulting acting as technical and environmental advisor, and Aon Italia providing insurance advisory services. Notarial duties were carried out by the Marchetti Notarial Firm.
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