Global law firm Norton Rose Fulbright has advised international solar operator, Sonnedix group, on the successful refinancing of a portfolio of 27 solar photovoltaic parks in Italy. The portfolio has a total installed capacity of 66MWp. It is one of the most significant renewable energy refinancings to complete in Italy this year, both for value and for the innovative hybrid nature of the refinancing, which is a combination of mini-bonds and traditional project finance loans. Sonnedix, owned by JP Morgan, has operations across Europe, Asia, the US, Africa and Latin America.
BNP Paribas and Natixis, Structuring Mandated Lead Arrangers and Bookrunners, are arranging €197m of 15 year debt, split between a €102m project finance loan and a €95m bond, to be underwritten by institutional investors. UBI Banca and Siemens Bank are the Mandated Lead Arrangers. The challenging refinancing reached financial close on December 2, 2016.
The Norton Rose Fulbright team was led by Milan-based partner Arturo Sferruzza, assisted by senior associates Marcello Ciampi and Luigi Costa, associates Ginevra Biadico and Anna Ambrogio, and Gloria Vigilante, Lisa Rancitelli and Francesca Umicini-Clark.
Arturo Sferruzza, head of Norton Rose Fulbright’s Energy practice in Italy commented:
“This is the second large renewable energy refinancing we have completed in 2016. Creating innovative project finance and refinancing structures will be fundamental to the health and continued growth of the renewable energy sector in Italy. The success of this deal can be attributed to the concerted effort of a large team from Sonnedix, the banks, and the financial and legal advisors.”
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