FREIBURG, GERMANY: S.A.G. Solarstrom AG has concluded a loan agreement for €118 million for the long-term project financing of the 48 MWp project Serenissima in North Italy, with a banking syndicate consisting of the Deutsche Bank AG, the Bayerische Landesbank, the Landesbank Hessen-Thüringen Giro Center and the KfW IPEX Bank.
The loan, at current market conditions, has a term of 17 years. Payment is subject to the fulfillment of customary payment conditions. The borrower is the Italian project company Enersol s.r.l., Rovigo, which will be transferred to the project buyer at closing. A European financial investor acquired the 48 MWp Serenissima plant on December 31, 2011.