THE ESSENTIAL

Support the development of renewable energies in southern Italy, in Campania (Naples region).

Financing for the development of 135MWp in Italy (ground-mounted photovoltaic) via Sun Investment Group.

Sun Investment Group (SIG) is one of Europe's leading solar photovoltaic development groups. The company covers the entire solar photovoltaic value chain: from development to construction, operation and maintenance, with the ability to optimize costs and generate value at every stage of the asset's life cycle.

Based in Lithuania, the group currently operates in six countries, including Italy, Poland and Spain, as an independent power producer (IPP) and "EPCiste" (engineering, procurement and construction). The Group's Spanish subsidiary helps to structure and finance GIS operations. 

The group, created in 2017, has more than 100 employees in Italy, Spain, Poland and Lithuania, has 6 offices in Europe, has more than 2.7 GWp under development of which nearly 300 MW are ready-to-build projects. To date, SIG has developed, built, commissioned and sold over 200 MWp in the UK, Poland and Lithuania. Since 2022, the company has focused on increasing its development pipeline, increasing the number of projects that have reached ready-to-build status. By 2024, SIG will build more than 60 MW of photovoltaic installations in Poland. These projects will either be sold to third parties in operation, or maintained by the company, generating long-term revenues through the sale of energy.

According to the company, SIG's portfolio of assets is valued at over 80 million euros.

Through its Spanish subsidiary, Sun Investment Group is seeking a third financing round of 1.404.120 euros (following a first tranche of 2.295.880 euros, and a second tranche of 1.300.000 euros, which have been completed in recent months), for a maximum (total) amount of 5 million euros. With this financing, SIG aims to complete the development of four ground-mounted photovoltaic parks with a combined total capacity of 135 MWp. The projects are located in Italy, in several municipalities around Naples, an area with high levels of sunshine. The three programs (tranches 1, 2 and 3) offer the same guarantees and characteristics.

SUN INVESTMENT GROUP

Sun Investment Group chose the Italian market because it is booming: Italy is Europe's third-largest producer of renewable energy. In recent years, the country has launched ambitious action plans to accelerate the deployment of renewable energies, particularly solar power. Specifically, Italy has allocated a budget of 59 billion euros to promote the development of renewable energies between 2021 and 2026.

The Italian solar energy market is fragmented - there are more than 5 major players in the solar energy industry. As the global energy landscape evolves, the Italian solar market is likely to consolidate further, with the largest players gaining market share. The attractiveness of the Italian solar market has attracted the attention of international solar companies. This global interest has intensified competition, but also brought a wealth of experience and resources.

What's more, Italy enjoys abundant solar radiation throughout the year, particularly in its southern regions. On average, Italy receives between 1,300 and 1,800 kWh/m2 of solar radiation per year.

On the other hand, Italy enjoys abundant sunshine throughout the year, particularly in the southern regions.

In addition, electricity prices are high. Dependence on natural gas-fired power stations and a weak grid interconnection infrastructure are the structural reasons why Italy has one of the highest electricity prices in the EU. High electricity prices make alternative energy sources, such as photovoltaic solar power, more economically attractive.

FINANCING TRANSACTION

A pipeline of projects under development very close to "ready-to-build" status.

The Group's portfolio in Italy includes over 600 MW of projects in the pre-construction phase. More than half of the projects in progress have already obtained the conditions for connection to the grid and paid the guarantee deposits. SIG finances the development of its solar photovoltaic power plants.

SIG's solar portfolio in Italy already has an estimated market value of over 12 million euros.

Sun Investment Group, through its Spanish subsidiary, is seeking financing of 5 million euros to complete the development of a 135 MW project portfolio, which should reach the RtB phase by 2024. The 4 solar photovoltaic projects are located in various municipalities around Naples. All 4 projects are awaiting approval of environmental impact studies.

The funds raised will be used primarily for these developments: environmental and town-planning studies, assessment of building permits, connection deadlines, etc. In short, they will enable SIG to complete the various authorization phases required to start the construction phase of these photovoltaic power plants.

The objective of this fundraising (tranche 3) is the issue of simple bonds, carried out by the Spanish company "SUN INVESTMENT ES FINANCIAL SERVICES 2". The bonds offer a yield of 9% p.a., with interest payable on March 12, 2025, and principal repayable on March 12, 2026.

In Italy, SIG manages the entire project value chain, i.e. it develops and manages projects from the development phase through to the commissioning of solar power plants. SIG Italy intends to use the funds raised as follows:

Several repayment strategies may be envisaged. The projects could be sold as the development stages are reached, to enable the bonds to be repaid. Refinancing could take place, either via a bank loan to refinance the projects at a more advantageous interest rate, or in the form of equity provided by SIG.

Structuring the operation

The Spanish subsidiary SUN INVESTMENT ES FINANCIAL SERVICES 2 (owned by Sun Investment Group) owns the Italian company SIG PROJECT ITALY 1 S.R.L., which holds the rights to the 4 projects currently under development in Italy.

The funds raised through the bond issue by the Group's Spanish subsidiary will be transferred to the entity holding the projects. On maturity of the bonds of the three financing tranches (March 12, 2026), the Italian entity will repay the intra-group loan to the issuing (Spanish) entity, which will be able to repay the Enerfip investors.

The issue is backed by a double guarantee, namely the joint and several guarantee offered by the parent company Sun Investment Group and the pledge of all the shares of the projects' holding company, SIG PROJECT ITALY 1 S.R.L.

SIG ITALIA PROJECTS

RISKS AND GUARANTEES

You will find below details of all project-related risks, together with the associated control procedures.

Investing in this participatory finance project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with Directive 2014/49/EU of the European Parliament and of the Council (*1). Nor is your investment covered by investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council (*2). Return on investment is not guaranteed. This is not a savings product, and we advise you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, you may still incur losses.

INVEST SUSTAINABLY

Objective decarbonation!

Combining profitable and responsible investment

As the first investment platform dedicated to the energy transition in France and Europe, Enerfip's mission is to decarbonize public savings. Our ambition? To enable you to help finance a more sustainable energy model.

At a time when we're working to reduce our carbon footprint, we need to realize that our savings represent our biggest source of CO2 emissions, and that the money we invest has a real impact on tomorrow's world. Convinced that we can - and must - make this impact positive, we offer you the chance to combine profitable and responsible investment by directly financing concrete projects that contribute to the ecological transition, while benefiting from the economic spin-offs generated by the exploitation of shared natural resources.

With 400 million euros worth of energy transition projects financed, Enerfip has established itself as the European leader in eco-responsible investment. Founded in 2014 by renewable energy and finance experts, it is supported by a team whose expertise, commitment and energy are inseparable from its success. Now booming, we launched our Spanish subsidiary 🇪🇸 in September 2022, and our Italian subsidiary 🇮🇹 in September 2023... and we don't intend to stop there!

"Enerfip is first and foremost about channelling people's savings into the most important issues of the future, to give ourselves the means to achieve our ambitions. We are deeply convinced that if each and every one of us, at our own level, can regain power over the future of our savings, and choose what they finance, then together we are fully capable of influencing energy policies and concretely supporting the dynamics of ecological transition. "

Julien Hostache, President & Co-Founder