Shopping Obton (Sagitta) of photovoltaic systems in Italy thanks to Natixis, Intesa and Unicredit
185 million euro operation for the photovoltaic portfolio for the Obton fund with Natixis, Intesa Sanpaolo and Unicredit. Here are the shareholders, top management and accounts of Sagitta sgr that manages Obton
The Obton Italy real estate fund managed by Sagitta Sgr has purchased a portfolio of 21 photovoltaic plants for a total capacity of 20.75 MW.
This is what a note from the asset management company of the Arrow Capital group announces. The fund is underwritten by a Danish company of the Obton group, specialized in the construction and management of photovoltaic systems.
The portfolio includes several photovoltaic plants located throughout Italy, already built and connected to the grid between 2010 and December 2012. The assets are managed by a series of SPVs and have positive operational track records.
"Before this latest operation, Obton In Italy held other plants in Emilia Romagna, Veneto, Basilicata, Puglia and Sardinia for over 200 MW in total, the result of a shopping trip in the country that has lasted for almost two years", Beebez recalled some time ago .
THE DETAILS OF THE ACQUISITION
The sub-fund called “Obton Secondo” of the Fund acquired the ownership of a portfolio consisting of 21 plants for a total capacity of 20.75 MW from 15 different SPVs. The plants are already implemented, connected to the network and operational, are located throughout the Italian territory and are leased to the operating companies, which will continue management on the basis of the lease agreements signed at the closing.
THE FINANCERS
Natixis, as structuring mandated lead arranger & bookrunner, agent bank, hedging bank and lender, together with UniCredit and Intesa SanPaolo, as structuring mandated lead arranger & bookrunner, completed the 185 million euro refinancing for Obton Italy. Intesa SanPaolo acted as an account bank.
THE CONSULTANTS OF THE OPERATION
The main consultants involved in the transaction are: Tonucci & Partners (legal advisor of the Fund); Orrick (legal advisor to the Banks), CMS, Marsh, Moroni & Partners and Real Consultant (technical advisors and independent experts / evaluators).
WHAT IS SAGITTA
Sagitta SGR Spa is the Milan-based savings management company of the Arrow Global Group in Italy. With a share capital of 9,170,956 euros, the company 87.3% controlled by Europa Investimenti Spa while the remaining 2.7% is in the hands of Veneto Banca.
Sido Bonfatti is the chairman and in addition to CEO Claudio Nardone the board of directors are composed of: Stefano Paolo Bennati, Alberto Manfroi and Valentina Scarpuzza.
THE RED IN THE BUDGET
During the year ended December 31, 2019, the income statement of the company Sagitta shows a loss of € 2,143,510.
So much so that the shareholder Europa Investimenti will support the company by signing a capital increase for a maximum amount of 3,400,000 euros.
THE SGR'S STRATEGY
“This is the second important operation carried out in the last 8 months in partnership with Obton, a leading European investor in the renewable energy sector. With this operation, Sagitta exceeds the 600 million euro worth of Asset Under Management with the aim of further increasing the assets by the end of the year. This further operation confirms the confidence of investors and banks in our investment platform specialized in alternative and illiquid assets ”commented Claudio Nardone, CEO of Sagitta.
The strategy of the Fund's sub-funds involves making investments in the renewable energy sector, in particular in already leased photovoltaic plants, with the aim of creating value and distributing stable long-term cash flows to the Fund's investors.
OBTON NINTH MAJOR OWNER OF PHOTOVOLTAIC ASSETS
As Bebeez recalls, “Founded in 2008, Obton concluded 160 deals which resulted in 600 solar plants. The company is the ninth largest holder of photovoltaic assets in Europe according to the Solarplaza platform report. At the end of 2019, it had over 700 solar projects around the world for a total power of 867 MW. To these plants, others were added during 2020 to reach a total power of 982 MW. The group currently has assets under management of over 1.9 billion euros. "
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/shopping-obton-sagitta-di-impianti-fotovoltaici-in-italia-grazie-a-natixis-intesa-e-unicredit/ on Thu, 08 Jul 2021 08:15:44 +0000.