ContourGlobal signs financing to acquire Italian solar assets from Siemens

ContourGlobal and UBI Banca have signed a bilateral financing agreement for three solar photovoltaic power plants in Sicily which Contour Global has recently acquired from Siemens, the German industrial Group.

The transaction has been structured as 14-year non-recourse project financing and increased the total financing volume between ContourGlobal and UBI in the Italian PV sector to 68m EUR.

Joseph C. Brandt, ContourGlobal’s President and Chief Executive Officer, stated:

“We are proud to execute this transaction with UBI Banca which has been our financing partner in Italy since our successful market entry in 2010. The transaction provides an attractive expansion of our Italian presence and increases our growing European solar asset platform to 69MW and our total global renewables generation capacity to 1,137MW. UBI has been our partner since our market entry in Italy and this is now our third consecutive financing with UBI in the Italian market.”

Lorenzo Fidato, Head of Project and Real Estate Finance at UBI Banca, commented:

"Long term relationships with customers and support of sound business models are the main pillars in UBI Banca's Project Financing strategy. The one just structured is the third deal with ContourGlobal LP, but we are confident about the possibility of further joint opportunities in the near future, given the quality of projects, operational excellence and international standing steadily guaranteed by this client ".