Syndicated loan of €291 million for First Look Solutions wind power project

Business Forum

17 June, 2024 at 9:58 AM

UniCredit Bank has successfully entered into a syndicated loan as Joint Global Coordinator and Bookrunner, putting into place a financing package of up to €291 million to First Look Solutions SRL with the aim to finance the development the 1st phase of 192 MW of a wind energy project. The project is located in Buzau County, Romania and in its 1st phase, 30 Vestas wind turbines will be installed until 2025.

Besides UniCredit Bank, the syndicated facility was closed alongside 7 other banks and financial institutions. The financing package includes a tailored mix of cash and non-cash products. The consortium of eight banks financing the project is led by Erste Group, UniCredit Group and the European Bank for Reconstruction and Development, together with the International Finance Corporation (IFC), Intesa Sanpaolo Group, OTP Bank, Raiffeisen Bank International AG and Garanti BBVA Romania.

First Look Solutions srl is a joint venture between Rezolv Energy (formed by Actis) and Low Carbon to build and operate a total 461 MW wind farm, in two phases.

Rezolv Energy is a highly experienced, independent renewable energy producer backed by Actis, providing subsidy-free clean power at a long term, stable price for industrial and commercial users. Rezolv is part of Actis Fund 5, dedicated to renewables and energy storage representing $6 billion of investable capital.

Actis is a leading global investor in sustainable infrastructure with the mission to become a true accelerator in the EU net-zero transition. The fund currently possessing $13 billion AUM.

Low Carbon is a global producer of renewable energy with extensive expertise across several geographies including CEE, expert in building, developing and managing renewables energy projects. Low Carbon has more than 13-year experience in the RES sector and has extensive track-record in the sector, currently managing more than 100 operating energy sites including solar, wind and battery storage). By the end of 2030, Low Carbon targets to reach 20GW of new renewable energy capacity.

Raluca Popescu, Executive Vicepresident Corporates UniCredit Bank: "We are proud to be in the first row in Romania to unlock the potential of renewable energy, thus paving the way of a sustainable tomorrow via our financing solutions. At UniCredit, through our financing and advisory services and our strong coverage expertise, we are committed to supporting our clients with our international knowledge and talent. We are honored to having the chance to join forces with Rezolv Energy and being part of this unique project and are ready to deploy additional financing in Romania to support the transition to clean energy of our clients".