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ROME and STAMFORD, Conn. and NEW YORK, July 08, 2019 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”), part of the Greensill family of companies, has successfully launched a receivables securitization program for Green Network S.p.A. (“Green Network”), a company headquartered in Italy, allowing up to EUR 75 million in funding based on yearly receivables flow of EUR 600 million for the next three years.
Finacity provided origination, analytic and structuring support, and serves as the ongoing Program Administrator.
About Green Network
The Green Network Group was founded in 2003 by an enthusiastic group of professionals who, since the outset, have worked hard to make the company one of the most firmly established and reliable operators on the Italian energy market. Created following the deregulation of the electricity market (Bersani Decree 79/99), the Group has been an energy partner to major domestic business clients since the outset, acting as a middleman between them and the domestic producers. In November 2017, Green Network acquired Energrid and Tradeinv Gas & Energy from the US fund HII. This acquisition has led to the formation of one of the largest Italian groups in energy sales (Power & Gas) with more than 600,000 customers and sales of 10 Tw/h for power and 500 MSmc for Gas. In May 2018 Green Network has signed an agreement for the acquisition of Burgo Energia. Green Network is also the first independent player to enter in the UK market as a supplier. Green Network serves currently 350,000 customers in Italy and 650,000 customers in the UK.
For further information, please visit www.greennetwork.it.
Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual volume of receivables of approximately US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
Finacity is part of the Greensill family of companies. Greensill is a world leading fintech providing access to capital that is faster, less costly and more efficient than traditional players. Equity from SoftBank and General Atlantic has valued Greensill at $3.5 billion. Together, Finacity and Greensill focus solely on structured trade finance, working capital optimization and sales financing for investment grade and non-investment grade companies globally. For further information, please visit www.greensill.com.
For more information on this transaction please contact:
Tel: +1-(203) 428-3536