Global law firm Norton Rose Fulbright has advised Sonnedix on a non-recourse refinancing of a solar photovoltaic plants in Italy.
The syndicate of banks providing the financing includes ING Bank, MedioCredito Italiano, Natixis and Santander, acting as Lender and Mandated Lead Arranger, Banca IMI as Agent, and Intesa Sanpaolo as Account Bank.
The total value of the financing amounts to €201.6 million and included a debt service reserve facility and long-term facility, which has been partially disbursed for the refinancing of 41 solar photovoltaic plants, with an installed capacity of 61.8 MWp, located in several Italian regions. The remaining amount will be disbursed in the future as Sonnedix adds more solar photovoltaic plants to its portfolio.
Sonnedix currently has over 200 power plants in operation, construction or the initial stages of planning in 8 countries (Chile, France, Italy, Japan, Puerto Rico, South Africa, Spain, UK).
The Norton Rose Fulbright team was led by partner Arturo Sferruzza, who heads the Banking and Energy teams in our Milan office. He was assisted by counsel Luigi Costa and senior associate Ginevra Biadico.
Arturo Sferruzza commented:
“This refinancing underlines the importance of renewables in the Italian market, a sector that attract an increasing number of domestic and foreign investors.”