The funds are earmarked for the construction of approximately 740MW of solar assets throughout Italy. Credit: Fahroni via Shutterstock.

Ortus Power Resources Italy (OPRI), a joint venture between Ortus Climate Mitigation and Omnes Capital’s Capenergie 4 fund, has announced a significant financial milestone, securing up to €100m ($111.14m) in bond issuance.

This funding, provided by I Squared Credit, is earmarked for the construction of approximately 740MW of solar assets throughout Italy.

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The move is set to accelerate OPRI’s expansion and reinforce its status as a prominent independent power producer in the Italian renewable energy market.

The initial commitment of €46m, with the potential to increase to €100m, marks a crucial step for OPRI in its quest to drive growth within the sector.

Akereos, the sole bookrunner, structurer, and exclusive debt advisor for OPRI, facilitated the financial arrangement.

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OPRI chief executive Guido Cuzzolin said: “The proceeds of this bond will drive the completion of development and construction to power up to 400,000 homes in Italy.

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“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.

“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.”

Last month,  GE Vernova’s financial services division and Lizard Renewables agreed to create a joint venture called Alva Power, aimed at co-developing renewable energy projects in Italy.

The partnership seeks to further Italy’s electrification and decarbonisation goals by facilitating the development of wind energy, battery energy storage systems, and solar photovoltaic projects.

Alva Power will prioritise advancing over 1GW of project capacity to the ready-to-build phase initially.