Continuous support for Italian renewables

Another successful wind energy financing deal was sealed this winter by the Milan Structured Finance team and the Utilities, Power and Renewables team in Amsterdam for the Fri El S.Agata 72 MW wind plant in Italy.

The €43.5 million non-recourse facility was provided to refinance a wind farm taken into operation in 2007 with a tailor-made structure to mitigate merchant risk after expiry of the incentive period.

The project is owned by Fri-El Green Power, a leading Italian wind energy company established in 1994 and currently operating 20 wind farms with a total capacity of 410 MW. A pioneer in renewable energy investments in Italy, Fri-El Green Power has developed a range of international joint ventures in energy sectors including hydro, biomass and biogas.

Third renewable energy financing project in Italy this year

The innovative structure of the deal reconfirms ING’s position at the forefront of renewable energy financing in Europe and in Italy. This is the third renewable financing deal to have been sewn up by the Italian SF team in 2013, representing ING’s commitment to renewable energy deals in a country where renewable power generation has been consistently and steadily supported by a stable and reliable regulatory framework.

Italy: reaching renewable energy targets eight years ahead of schedule

Italy ranks number four in Europe (after Spain, Germany and the UK) in onshore wind installed capacity (8.15 GWp in 2012). Total renewable capacity in Italy (wind, solar and hydro) currently represents more than 35% of total installed capacity, which is good for between about 25% and 30% of annual production. This means that the 2010 National Renewable Energy Action Plan for generating 26% of all electricity from renewable sources by 2020 has been achieved eight years ahead of schedule.