Milan, 12 June 2024 – Tages Capital SGR, an asset manager specialized in private market investments, announces two new acquisitions in Italy through its fund Tages Helios Net Zero, focused on investments in renewable energy and energy transition.
The first acquisition concerns a portfolio consisting of 151 operational photovoltaic plants, with a total capacity of 122.7 MW, almost all located in Apulia; of these plants, 99MW use tracker technology.
The second portfolio consists of 45 operational photovoltaic plants with an installed capacity of around 38.1 MW located in Campania, Apulia, Molise, Emilia-Romagna, Marche, Lombardy, Sicily and Lazio.
For the two acquisitions Tages Capital SGR secured a 563 million euros loan, which includes credit lines functional to already completed acquisitions, refinancing of pre-existing debt, and financing for revamping and repowering work on the plants, as well as remaining funds available for future investment activities.
This financing was provided by a six banks pool, which include BNP Paribas Italia, Intesa Sanpaolo S.p.a, Société Générale S.A. – Milan branch, Banco Bilbao Vizcaya Argentaria S.A. – Milan branch, Credit Agricole Investment Banking and Banco BPM S.p.A., all acting as bookrunner, green loan coordinator and lender. Intesa Sanpaolo S.p.a also acted as Custodian Bank and Agent Bank.
In addition, at the beginning of May, a further financing operation for a total of EUR 153 million was finalised, which was instrumental to certain investments made by the Tages Helios II fund in 2023 for the acquisition of a total of 99 MW of photovoltaic plants. The credit lines were underwritten by 8 banks: BNP Paribas Italia, Intesa Sanpaolo S.p.A., Société Générale S.A. – Milan Branch, Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, Bayerische Landesbank Anstalt des öffentlichen Rechts, Banco BPM S.p.A., BPER Banca S.p.A. and CaixaBank S.A., all acting as bookrunner, green loan coordinator and lender. Intesa Sanpaolo S.p.A. also acted as Depositary Bank and Agent Bank.
Umberto Quadrino, President of Tages S.p.A. and CIO of Tages Capital SGR, stated: “With these two important acquisitions, Tages consolidates its position as the second Italian operator in the photovoltaic sector. The financing operations carried out with leading Italian and international banks testify that Tages is now a reference player in the renewable energy market recognised by the financial world. Thanks to the two acquisitions, Tages has invested about 90% of 330 million euros raised in the first year of fundraising of its third fund Tages Helios Net Zero. The fund continues to attract institutional investors and private banking networks thanks to an excellent risk-return profile and regular distributions. Tages Helios Net Zero also entered the energy transition field with the already announced investment in iPlanet and other initiatives being finalised. Our investment themes remain crucial in institutional and private portfolios, and we expect to raise more resources to invest in a sector with interesting opportunities than never before”.
June 13, 2024