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29 Oct 2025

"UniCredit Secures €70.2 Million Structured Project Finance for Biogas to Biomethane Conversion in Italy"

"Dentons and White & Case law firms have assisted UniCredit and Renergia in a structured project finance operation worth €70.2 million, aimed at converting five biogas plants into biomethane facilities and expanding a biomethane production plant in Italy. The financing includes an additional €10 million for future developments in sustainable fuels. This initiative is notable as it is one of the first structured project finance deals in Italy involving a mixed portfolio of biomethane and organic waste facilities, and it is the second largest financing in this sector for 2025. Various legal and financial advisors supported the transaction, ensuring compliance and structuring of the financing documentation."

The law firms Dentons and White & Case participated in a structured financing transaction, assisting UniCredit and two companies controlled by Renergia, which is indirectly controlled by Patrizia European Infrastructure Fund II SCSp. The transaction involved a multi-borrower project finance facility amounting to €70.2 million, with an additional line of up to €10 million to support future developments and acquisitions in the sustainable fuels sector. The operation aims to support the conversion of five existing biogas plants into biomethane facilities located in the provinces of Cremona and Brescia, as well as the expansion of a biomethane production plant from organic waste (FORSU) in the province of Lodi. Once completed, these projects will enable Renergia to produce approximately 130 GWh of biomethane annually from 230,000 tons of organic waste and agricultural/livestock feedstock. This operation is notable as a "market first" in Italy, representing one of the first structured project finance initiatives involving a mixed portfolio of biomethane and FORSU plants. The legal teams involved in the transaction included: **Dentons:** - Luigi Costa (Partner, Head of Project, Energy and Infrastructure for Italy) - Ginevra Biadico (Managing Counsel) - Federico Palazzo (Associate) - Alice Bixio (Junior Associate) - Benedetta Paccoia (Trainee) - Elena Sartelli (Trainee) **Pirola Pennuto Zei & Associati:** - Massimo Di Terlizzi (Equity Partner) - Pietro Pennuto (Senior Associate) **White & Case:** - Leonardo Graffi (Partner) - Stefano Bellani (Partner) - Francesco Scebba (Partner) - Clara Juliette Busin (Associate) **Valecap:** - Davide Di Federico (Partner) - Vincenzo Barbaria (Associate) - Ricardo Baseggio (Analyst)
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