Stafford Capital Partners, an asset manager with $8.8bn under management has secured nearly $104m (€89.4m) in financing for a portfolio of Italian solar PV plants. The transaction will refinance existing portfolio-level debt.
NZI Climate Solutions Summit | 23 June | London | register here
In a statement, the fund manager said funds will support the ‘revamping and repowering’ of 30 solar PV plants located across Italy. The portfolio – named STAR I – includes a range of vintages with some plants commissioned in 2011 and others expects to reach commercial operation this year.
The funding will expand the portfolio’s combined capacity to 84MW.
“This refinancing represents an important step in the continued evolution of the STAR I portfolio”, commented Angelo Prete, partner, infrastructure at Stafford Capital Partners.
Prete, who has a background in renewable energy project development joined Stafford in February this year. The move marked the launch of Stafford’s new renewable infrastructure strategy – based on a model of revamping and repowering brownfield assets.
“By securing long‑term financing alongside the revamping and repowering programme, we are enhancing the portfolio’s performance, extending asset life and increasing installed capacity, while maintaining a disciplined approach to risk and capital efficiency”, Prete explains.
Stafford’s renewable infrastructure strategy is set against the backdrop of Europe’s on-going energy security crisis – the second in a span of five years. Rising support for Europe's renewables-backed energy independence is catalysing capital deployment, according to sources familiar with the transaction.
Longview Networks: Institutional Investment Conferences and Summits
