RGREEN INVEST, through its infrastructure debt fund INFRABRIDGE IV, has closed a €50.5 million senior bridge financing with Ringas, a portfolio company of SWEN Capital Partners’ SWIFT 2 fund (SWEN Impact Fund for Transition 2), to support the conversion of six existing biogas plants into three high efficiency biomethane units in Northern Italy.
Strategically located in one of Italy’s most dynamic agricultural regions, these new plants will have a combined production capacity of around 2,200 m³/h of biomethane injected into the SNAM grid, equivalent to the annual domestic consumption of more than 70,000 inhabitants. By upgrading existing infrastructure with advanced technology, the project maximizes efficiency, reduces greenhouse gas emissions, and contributes directly to Italy’s renewable gas targets.
In addition to its environmental benefits, the projects will create a positive territorial impact. Ringas sources its feedstock exclusively from plant and animal-based byproducts through close partnerships with local producers, strengthening regional economies and supporting the development of sustainable supply chains.
The three projects are approved under the GSE V auction and benefit from the existing Italian biomethane incentive scheme, which provides both a guaranteed 15-year tariff and a Capex subsidy financed by Italy’s National Recovery and Resilience Plan (PNRR). This support scheme has been instrumental in accelerating the deployment of renewable gas projects across the country and offers strong long-term visibility for investors, while also contributing to Italy’s energy security by reducing reliance on imported natural gas. The swift execution of the bridge financing provided by RGREEN INVEST enabled Ringas to start construction shortly after the GSE auction results to respect the deadlines under the PNRR subsidy scheme.
DLA Piper acted as legal advisor to RGREEN INVEST on this transaction, in charge of the due diligence and the drafting of the finance documents. RINA conducted the technical due diligence on the projects, while MFZ Partners acted as financial advisors of Ringas.
Marco Cipriani, CEO of Ringas: “Ringas is proud to support Italy’s ambitious energy transition goals by advancing biomethane solutions that are deeply integrated with local communities. To secure the granting of the Italian support scheme, operators like Ringas must complete projects within a very tight deadline and therefore it is key to partner with like-minded specialists such as RGREEN and SWEN. Together, we drive innovation and accelerate Italy’s shift towards sustainable energy, helping the nation achieve its climate and renewable energy targets.”
Mathilde Ketoff, Partner and Head of Debt at RGREEN INVEST: “This financing highlights RGREEN INVEST’s ability to deliver swift, tailored debt solutions that drive the energy transition. Building on our long-standing expertise in renewable gas infrastructure, particularly biomethane, we are proud to support Ringas in upgrading existing assets into modern facilities that generate tangible benefits for both climate and communities. Italy remains a priority market for us, and this deal consolidates our position as an innovative financing partner to support the country’s energy transition.”
Thibauld Thuillez, Investment Director at SWEN Capital Partners: “With the SWIFT 2 fund, our ambition is to support players like Ringas in developing infrastructures that are key to the energy transition. The conversion of these biogas units into high-performance biomethane plants perfectly illustrates our approach: combining measurable environmental impact, local economic support, and strong investment appeal. We are delighted to partner with RGREEN INVEST to accelerate the deployment of this strategic project for Italy.”