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Case Study

CVA SpA sets up Shelf Facility with draw of Notes

Based in Châtillon, Italy, CVA SpA is a leading renewable energy company and integrated multi-utility that owns and operates a 1.1 GW generation fleet, an electric distribution utility and an electricity retailer, focused on Valle d’Aosta, an autonomous region of Italy.

Case Study

CVA SpA sets up Shelf Facility with draw of Notes

Based in Châtillon, Italy, CVA SpA is a leading renewable energy company and integrated multi-utility that owns and operates a 1.1 GW generation fleet, an electric distribution utility and an electricity retailer, focused on Valle d’Aosta, an autonomous region of Italy.

At a Glance

In March 2023, Prudential Private Capital learned about the Company’s financial needs and willingness to look for long-term investor ahead of a renewable power plants development and M&A plans. As a result, we established a relationship and shared a plan for possible capital support. Throughout the year, we worked with CVA to lock the rate at the right time to achieve a final coupon in line with expectations.

In December 2023, Prudential Private Capital established a 3-year $200 million Pru-Shelf Facility and purchased €30 million of senior unsecured notes. The proceeds will be used to refinance existing indebtedness and general corporate purposes.

CVA SpA decided to partner with us given i) our relationship-oriented approach with a flexible and pragmatic approach, ii) the possibility of further draws under the shelf framework to finance their upcoming capex and M&A plan, and iii) our position as an international alternative to local banks offering longer maturities and flexible amortizing schedules.

We are excited to formalize our relationship with CVA SpA through this investment, and we look forward to supporting the Company in the years to come.

Relationship Since 2023
Transaction details:
  • $200,000,000 Pru-Shelf

    With an initial draw of
  • €30,000,000 Senior Unsecured Notes
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Francesco Ascoli headshot
Francesco Ascoli
Senior Vice President
+39.02.50042.104
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Italy
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Steven Hendricks, CFA
Vice President
214.720.6260
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