Global law firm Norton Rose Fulbright has advised Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo, Société Générale and UBI Banca on a €160 million (US$195 million) non-recourse financing to Sonnedix to refinance a portfolio of solar photovoltaic plants in Italy.
The transaction includes a debt service reserve facility and a long-term facility, partially disbursed for the refinancing of 21 solar photovoltaic plants located in several Italian regions. The solar photovoltaic plants have an aggregate installed capacity of 29.3MWp, and the remaining amount will be disbursed in the future as Sonnedix adds more solar photovoltaic plants to its portfolio.
Sonnedix is an independent solar power producer, and its Italian operating capacity has grown to 249.5MWp during 2020. The refinancing is part of the company’s long-term commitment to the Italian market and is in line with Sonnedix’s growth strategy in Europe.
Arturo Sferruzza, who leads Norton Rose Fulbright’s banking and finance and energy practices in Italy, commented:
“Italy remains a key market for renewable energy companies looking to invest. Working closely with all the teams involved on this transaction, we reached financial close quickly and efficiently.”
Sferruzza led the Norton Rose Fulbright deal team on this transaction. His team included partner Luigi Costa, counsels Elisabetta Negrini and Ginevra Biadico and associate Federica Desiderato.