Natixis boosts Italian wind with €101m refinancing

The French bank has helped developer Eurowind refinance three wind farms in Italy with a total capacity of 80MW.

A portfolio of three wind farms in Italy with a cumulative capacity of 80MW is on stronger footing after Natixis helped its owners secure a €100.8 million refinancing package.

The French bank acted as sole bookrunner on the deal which refinanced the Ascoli wind farm (38MW), Orta Nova project (28MW) and the Lacedonia wind farm (14MW). Natixis was joined by a group of major Italian banks as mandated lead arrangers.

The financing was provided to Eurowind, which developed the Ascoli and Orta Nova projects in 2012 and 2013 while the Lacedonia project began commercial operations in November last year. The Ascoli project was originally financed for €60 million and received a €42.4 million debt package from Unicredit, Banca IMI and Banca Popolare dell'Emilia Romagna, guaranteed by Sace.

The refinancing package includes a €94.1 million term loan facility with an 11-year tenor, a €6 million liquidity facility to cover the debt service reserve and a €0.7 million VAT loan.

The assets are the latest renewables projects to receive financing from Natixis. This summer the bank was part of a consortium that financed a 43MW biomass plant in the UK while it was one of the 10 banks that provided debt to the €1.6 billion Merkur offshore wind farm in August.