ISP Group Financing Karavasta Project
Intesa Sanpaolo Group, through Intesa Sanpaolo Bank Albania (ISBA) and Privredna banka Zagreb d.d. (PBZ) successfully participated in a €99mln project financing for the construction and operation of the Karavasta Solar PV, at the coastal site of Karavasta in Albania.
Project Karavasta relates to the construction of a 140MW solar PV, which will become the largest solar power plant in the Western Balkans.
It is sponsored by Voltalia S.A., a French-based international player, listed on the Euronext and leader in the renewable energy sector, with an installed and under construction capacity of 2,6 GW and a 14,2 GW pipeline in more than 20 countries.
The €135mln Project will be founded by a €99mln syndicated loan, arranged by EBRD (European Bank for Reconstruction and Development) with the support of Intesa Sanpaolo Group and IFC (International Finance Corporation, part of the World Bank). With a €29mln ticket, Intesa Sanpaolo Group is the only commercial bank involved in the transaction and acts also as Administrative Agent, Payment Agent and Offshore Security Agent (PBZ), Onshore Security Agent and Account Bank (ISBA) and derivative counterparty.
Intesa Sanpaolo Group is proud to be part of a such important project, supporting the Albanian Government’s strategy to embrace the green energy transition and to enhance the Albanian renewable energy sector and its overall energy independency, in line with the strategic ESG commitment of Intesa Sanpaolo Group.
Furthermore, the financing will strengthen the relationship with a key international player in the renewable energy sector, with an ambitious renewable capex plan, and with one of the most important investment groups in Europe.