Norton Rose Fulbright advises lenders on solar portfolio financing
Italy | Press release - Business | March 2021
Global law firm Norton Rose Fulbright has advised UBI Banca and Banco BPM on a €33.5 million (US$39.9 million) HoldCo project financing to Clere, to refinance a portfolio of solar photovoltaic plants in Italy.
Clere is a Germany-based company that focuses on asset management and investments and participations in medium-sized businesses that are active in environmental and energy technology.
The financing includes a debt service reserve facility and a long-term facility, disbursed for the refinancing of 17 solar photovoltaic plants located in the Puglia, Campania, Molise, Lazio and Veneto Regions, which are owned by eight special purpose vehicles of Clere. The aggregate installed capacity of the plants in the portfolio, some ground and some rooftop-mounted, is approximately 17 MWp.
Luigi Costa, Norton Rose Fulbright partner in Milan who led the team, commented:
“Italy remains a market with an appetite and room for refinancing of existing renewable energy plants to optimize their financial structure and performance. Thanks to the additional boost of the energy transition as organisations strive towards decarbonisation, from mid-2022 this trend will go in parallel with a new wave of financings for the construction of grid parity renewable plants. We are well prepared to assist and guide clients through the next wave as the energy transition moves us all towards more sustainable, greener energy systems.”
The Milan-based Norton Rose Fulbright team on this transaction included partners Luigi Costa and Arturo Sferruzza, and counsel Ginevra Biadico.
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