After the drawdown, Etrion repaid in full the previously announced bridge loan of EUR28m from Lorito Holidings Sarl and Zebra Holdings & Investments Sarl.
The non-recourse project finance facility is for about EUR60m and includes a total of 17.8MW of operational solar parks in Italy.
The project finance facility covers about 84% of project costs and matures 18 years from the beginning of operations.
At the end of August 2011, Etrion completed 12.6MW in Italy across three solar photovoltaic parks: Brindisi, Mesagne and Nettuno.
The first project in the financing portfolio, Etrion Lazio, includes the Borgo Piave 3.5MW park and the Rio Martino 1.7MW park, both completed in December 2010.
The second project in the financing portfolio, Helios ITA-3, includes two 5MW parks located in Brindisi and Mesagne in the Puglia region.
The final project in the financing portfolio, Nettuno, is a 2.6MW park in the Lazio region and was also completed in August 2011.
The solar parks benefit from the Italian feed-in-tariff regime, which is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.
