UK based Alta Capital Limited ("Alta Capital") completed its third round of fundraising through a convertible bond issue from its wholly owned Italian holding company. The development finance facility will support a pipeline of merchant solar PV projects with a capacity of 840 MWp in Italy currently due to be constructed in 2021 and 2022. The unlisted bonds were entirely subscribed by a European debt fund. Capcora acted as financial advisor to Alta Capital and was responsible for sourcing the investors and structuring the deal.

The pipeline is composed by 9 independent projects in a size between 10 MWp and 200 MWp. Most of the sites are located in Sicily benefitting from the best irradiance in the country.

The debt facility was structured as a convertible bond with multiple tranches and fixed coupon; the innovative funding structure allows Alta Capital to externally finance the development milestones while not diluting its shares in the pipeline.

"Alta approached this process with specific goals beyond the securing of finance; we wanted to retain our autonomy and work with funders with whom we could establish a long-term working relationship. I'm pleased to say we've achieved both. The structure created allows Alta to control and realise the on-going value of its portfolio and provides us with an excellent platform to support our growth in new markets", says Lawrence Buckley, CEO of Alta Capital.

"This transaction is certainly one of the first of its kind in the rising Italian merchant PV market. Often only equity or joint venture structures are available for greenfield projects due to the related projects risks. We are glad that we could source an alternative financing route for Alta Capital and achieved closing on a complex transaction format including a cross-border element and large size project volume.", explains Alexander Kuhn, Managing Partner at Capcora.

Alta Capital was advised by Eversheds as legal advisor (due diligence and documentation), and Capcora as financial advisor. The investor was advised by Orrick as legal advisor.

About Alta Capital
Alta Capital was established in 2019 by two successful solar investors with a mission to create a substantial international portfolio of renewable energy assets, accelerating progress towards an economically and commercially sustainable net zero carbon future.

Alta Capital's management team has over 80 years of Energy Sector experience and includes entrepreneurs and seasoned blue-chip executives previously leading major Energy and Utility companies.


About Capcora
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.