Italian renewable energy developer Ortus Power Resources Italy (OPRI), a joint venture between Ortus Climate Mitigation LLC and Omnes Capital's Capenergie 4 fund, has successfully reached financial close for a bond issuance of up to €100 million with I Squared Credit. The funds will be used to finance the construction of approximately 740MW of solar projects across Italy.
The initial commitment of €46 million, with the option to extend to €100 million, aims to accelerate OPRI's growth, reinforcing its role as a leading independent power producer in Italy's renewable energy sector. The bond will help power up to 400,000 homes once the development is completed.
“The proceeds of this bond will drive the completion of development and construction to power up to 400,000 homes in Italy,” said Guido Cuzzolin, CEO of OPRI. He highlighted the role of the company's workforce, stating, “This achievement is a direct result of the exceptional hard work and unwavering dedication of Ortus' Italian team, whose remarkable efforts continue to deliver outstanding results and exemplify the commitment at the core of our success.”
Cuzzolin also emphasized the importance of the collaboration with I Squared: “In close collaboration with I Squared, we are pleased to achieve this important milestone for our company, a true testament to the strength of our partnership and our shared vision for growth within the renewable energy world.”
Akereos acted as sole bookrunner, structurer, and exclusive debt advisor to OPRI. Legal advice was provided by Gianni & Origoni for OPRI and Norton Rose Fulbright for I Squared.
