Monte dei Paschi Leasing e
Factoring
Details of the
deal: Italy’s Monte dei Paschi Leasing e Factoring (MPS)
is financing the construction of an innovative solar electric power
plant for the Puglia region in southern Italy.
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Solar technology company SunPower will build
for Bluenergia, an Italian-based renewable energy group, a
one-megawatt solar electric power plant, which will be financed by
the Siena-based banking group through a leasing agreement.
The value of the agreement is €5.2 million.
The project was designed and is being fully realised by the San
Jose, California-headquartered company, and is expected to be
completed early next year.
SunPower has installed more than 550 megawatts
of large-scale solar power systems globally, including more than
200 megawatts of power plants in Europe.
Background: The
plant financed by MPS will be the first in Italy to have the
SunPower T20 Tracker technology.
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By GlobalDataLuca Bandini, general manager of SunPower
Italia, explained: “The SunPower T20 Tracker follows the movement
of the sun during the day, increasing sunlight capture by up to 30
percent over conventional fixed-tilt systems, while significantly
reducing land use requirements.”
“The Tracker sits above the ground,
eliminating the need for ground penetration and reducing
construction time and environmental impacts,” he added.
MPS has already financed a number of projects
in all sectors of renewable energy.
Among these, it financed a photovoltaic plant
for €4.2 million and was involved in a number of pool agreements,
including one for a wind farm for a total of €85 million and one
for the construction of an €87 million biomass plant.
How the deal is
structured: Ac-cording to an MPS spokesperson, the current
project – which is being overseen by Roberto Gallorini, head of
leasing products at MPS Leasing e Factoring – was initiated by an
MPS bank of the North-East network.
He explained that the process usually involves
a local MPS branch that does preliminary investigation, the results
of which we then pass on to central office.
Within the bank, the Laboratorio Fidi will
manage the credit/risk operations and approve the agreement.
Subsequently, a technical office [Ufficio Tecnico] is involved for
a due diligence of the operation from a technical point of view –
which usually involves an external consultancy as well.
“The due diligence helps us understand better
the feasibility of the project and identifies potential critical
points, which are then studied more in detail by the Ufficio
Tecnico in cooperation with the Ufficio Contratti Speciali [Special
Contracts Department],” the spokesperson said. This second
department then finalises the agreement, with all the details about
financing.
Behind the people
involved: Gallorini, who supervised the operation, has
been working with MPS Leasing since 1991.
In his previous roles he was head of moveable
leasing contracts in Prato, near Florence, then head of leasing and
factoring products for the Umbria and Marche area and, since
February 2009, has been vice-director general with responsibility
for products and businesses.
