Kobus Partners and 123 Investment Managers, through their alternative financing platform Lendosphere, have formalised a collaboration agreement to structure financing operations of up to €10 million, aimed at portfolios of renewable energy projects in the development phase.
As part of this partnership, Kobus and Lendosphere have financed Sunco Capital’s portfolio of 11 photovoltaic projects under development, with a total capacity of approximately 270 MW in Italy. This funding will enable Sunco to complete the development phase and reach “Ready to Build” status, at which point it may choose to sell the assets or proceed with construction through traditional long-term bank financing.
The main objective of this collaboration is to provide bridge financing to cover the final stages of project development. The funding is structured according to the level of progress of each asset, assigning greater value to those closer to the RTB (Ready to Build) stage.
Credit lines
These new credit lines, once the RTB milestone is reached, allow developers to refinance the projects through conventional debt structures — provided by national or international financial institutions — in order to complete construction and begin operation of the energy assets.
Kobus and Lendosphere structure each transaction according to the specific needs of each developer, although most operations share similar characteristics: terms of 2–3 years, single bullet repayment at maturity, standard asset-based guarantees, and no price (PPA) or interest rate hedging.
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