Global law firm Norton Rose Fulbright has advised lenders Crédit Agricole, Société Générale, BBVA and Siemens Bank on the first refinancing in Italy compliant with Loan Market Association ‘Green Loan Principles’.
The €173 million limited recourse refinancing is for a portfolio of three wind farms. The wind farms, located in Basilicata, Campania and Apulia Regions in Southern Italy, are owned by Cubico Sustainable Investments (Cubico) and have an installed capacity of 99MW.
Cubico, a world leader in renewable energy investment, currently owns a portfolio of solar PV and wind assets in Italy comprised of 37 plants, having a total capacity of 233 MW.
Arturo Sferruzza, Norton Rose Fulbright’s head of banking and energy in Italy and the Milan-based partner who led the deal, commented:
“Italy remains a key country for renewable energy companies, so we expect a trend for green finance to continue to grow as investors look to the benefits of supporting environmentally sustainable economic activity. Working closely with all the teams involved on this landmark transaction, we reached the financial close quickly and efficiently.”
Along with Sferruzza, the Norton Rose Fulbright team also included counsel Luigi Costa and senior associate Ginevra Biadico.