9REN Group and CENTROBANCA, the corporate and investment bank of Gruppo UBI Banca, has announced they have signed a project financing agreement for a 4.7MW solar PV plant in Ostone, Italy. The deal was supported by insurance company SACE, which provided a guarantee in case of non re-payment covering 49% of the financing. The value of the funding amounted to €10.2 million repayable over a period of 18 years, through 2030.
In February this year, 9REN closed a €21.5 million deal for a 6.5MW plant in Taranto province in Italy.
“In the midst of the current credit crunch, the decision by Centrobanca and SACE to support our project testifies to the solidity of 9REN Group,” commented Stefano Granella, chief executive officer of 9REN Group. “This agreement brings increased financing on top of the funding already approved for 9REN installations and takes us nearer to our targets for the development and consolidation of the company.”