BayWa r.e. and commercial bank NORD/LB (Norddeutsche Landesbank) have successfully completed the financing of a solar farm in Tarquinia, based in Lazio, Italy, for a total figure of €55.8 million. This marks the first time structured financing has been used for a BayWa r.e. solar farm in Italy.
NORD/LB was chosen by BayWa r.e. following a careful selection process involving Italian and other European financial institutions. BayWa r.e. will act as General Contractor and developer of the Tarquinia solar plant, and be responsible for every phase of the project, from planning to construction to operation and maintenance.
Construction of the Tarquinia plant is expected to get underway in the coming months, and, once finalised, the plant will have an installed capacity of approximately 53 MWp to provide enough renewable electricity to power 35,000 households.
Heiko Ludwig, Global Head of Structured Finance, NORD/LB said: “We are delighted to have been able to support BayWa r.e. – one of our long-standing and core-clients – on yet another successful transaction in Italy, this time extending our successful partnership in Italy from wind into solar. We are grateful for the continued opportunity to prove our ability as a valuable and reliable partner to our clients and apply our expertise in financing renewable energy projects in Italy and across the globe.”
Alessandra Toschi, Managing Director of BayWa r.e. Progetti S.r.l. commented: “We are particularly pleased to have finalised this most recent agreement with NORD/LB for the financing of a major renewable energy project in Italy. NORD/LB is a bank with whom we have enjoyed a relationship based on collaboration and mutual respect over the years, and one that has helped finance seven of our Italian projects, including several onshore wind farms and a multitude of assets in other European regions. Italy has always stood out at a European level for the development of energy from renewable sources and has enormous potential to attract interest from a growing number of investors. BayWa r.e. is working hard to make its own contribution in terms of emissions reduction and decarbonisation, and this latest agreement will play a pivotal role in that.”
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.