A Flexible Approach for an Italian Renewables CompanyAFlexibleApproachforanItalianRenewablesCompany

Overview

Based in Châtillon, Italy, CVA S.p.A. is a renewable energy company and integrated multi-utility that owns and operates a 1.1 GW generation fleet, an electric distribution utility and an electricity retailer, focused on Valle d’Aosta, an autonomous region of Italy.

Key Partners

• Management Team of CVA S.p.A.
• Pricoa Private Capital’s Milan Corporate Finance Team
• Pricoa Private Capital’s Power Group

Challenge

In March 2023, Pricoa Private Capital learned about the company’s financial needs and willingness to look for a long-term investor ahead of renewable power plant development and M&A plans. 

Approach

We established a relationship and shared a plan for possible capital support. Throughout the year, we worked with CVA to lock the rate at the right time to achieve a final coupon in line with expectations. CVA decided to partner with us given: 1) our relationship-oriented approach with a flexible and pragmatic approach; 2) the possibility of further draws under the shelf framework to finance their upcoming capex and M&A plan; and 3) our position as an international alternative to local banks offering longer maturities and flexible amortizing schedules.

Solution

In December 2023, Pricoa Private Capital established a three-year, $200 million shelf facility and purchased €30 million of senior unsecured notes. The proceeds will be used to refinance existing indebtedness and general corporate purposes.

 

Case studies are provided for illustrative purposes only and results may vary.