BNP Paribas Clean Energy Partners has reached financial close on a €93.5 million loan for the construction of a 30-megawatt solar photovoltaic power plant by Megasol in the north-west region of Italy.
The loan facility, funded by a consortium comprising Deutsche Bank, Rabobank and Centrobanca, will be provided in two stages, the fund said in a statement. The plant, to be built by Megasol, is expected to be operational in the first quarter of 2011.
As part of its investment portfolio, the BNP team aims to acquire additional solar generation assets in Italy over the course of its investment period. The fund, which has a target size of €405 million, has so far raised around €250 million, including commitments from institutional investors.
Photovolt Development Partners, a developer of large-scale photovoltaic power plants, is the project developer and is providing ongoing project management, the fund said.
BNP Paribas Clean Energy Partners is part of BNP Paribas Investment Partners and invests in construction and operational clean energy infrastructure assets including on-shore wind, solar photovoltaic, biomass and small-scale hydro power generation in Europe. The fund is managed by a team of six professionals drawn from a range of backgrounds within the renewable energy and financial fields.