Ortus Power Resources Italy, through its project company OPR Sun 0 S.r.l., has completed a major financing transaction structured on a no-recourse project finance basis and qualified as a Green Loan, with a total value of approximately €97 million. The financing is aimed both at refinancing an existing operational portfolio of photovoltaic plants and supporting the development of a new pipeline of solar projects in Italy. The transaction covers a portfolio of photovoltaic plants already in operation with a total installed capacity of around 23 MW. A significant portion of these assets benefit from incentive tariffs administered by the Gestore dei Servizi Energetici (GSE), under the framework of Italy’s FER 1 Decree.
In addition, the financing supports the development of approximately 78 MW of ready-to-build photovoltaic capacity, which has been awarded incentive tariffs under the FER-X Decree. Together, these assets form a broader platform aimed at strengthening renewable energy generation capacity in the country. The financing is structured at the holding company level of OPR Sun 0 S.r.l. and has been arranged through a consortium of lenders. BPER Corporate & Investment Banking acted as Green Loan Coordinator, Mandated Lead Arranger, Original Issuing Bank, and Facility Agent, while Mediocredito Centrale (MCC) also participated as Mandated Lead Arranger. The financing package is composed of multiple credit lines, including a refinancing facility, capex facility, VAT facility, substation facility, debt service reserve facility, and a guarantee facility designed to support contractual obligations and project guarantees.
A number of advisory firms supported the transaction across financial, legal, technical, and regulatory aspects. Arcus Financial Advisors acted as exclusive financial advisor to Ortus Power Resources Italy, providing support throughout the modelling, structuring, negotiation process, and final execution of the financing. The Arcus team was coordinated by CEO Stefano Cassella and led by Senior Partner Federico Mander, with support from Director Stefania Gatti and Associate Francesco Tiraboschi. On the legal side, Norton Rose Fulbright advised Ortus Power Resources Italy. The team was led by partner Arturo Sferruzza, Head of Banking and Energy in Italy, and supported by associates Giulio Mariano and Mattia Musella in relation to negotiation and financing documentation, as well as senior associate Stefania Casini, who handled administrative law-related matters.
The lenders, BPER CIB and MCC, were advised by DLA Piper Italia Società tra Avvocati S.r.l., which fielded a multidisciplinary team covering finance, corporate, real estate, and administrative law aspects. The financing documentation was coordinated by partner Giampiero Priori, with support from legal director Silvia Ragavagnani, associate Carolina Magaglio, and trainee Vittoria Panerai. Additional support was provided by partner Giulio Maroncelli and his team for corporate and real estate due diligence, partner Germana Cassar and associate Luca Paron for administrative due diligence, and partner Andrea Di Dio with senior lawyer Valentina Trappolini for further regulatory aspects.
Technical advisory services to the lenders were provided by Protos, with a team comprising Emiliano Guerrieri, Andrea Peruch, Fulvio Plutino, and Michele Russo, who supported technical due diligence and project assessment. On the borrower side, Ortus Power Resources Italy was represented by an internal team led by General Counsel Francesco Perrini and Head of Project Financing Beatrice Frezza, who oversaw coordination of the transaction from the sponsor perspective. Overall, the financing marks a significant step in expanding and refinancing renewable energy assets in Italy, reinforcing continued investor confidence in solar infrastructure and supporting the country’s broader transition toward a more sustainable and decarbonised energy system.
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