Natixis S.A., refinancing of photovoltaic plants of Danish European Energy A/S

Orrick, Gianni, Origoni, Grippo, Cappelli & Partners and AMTF Avvocati advised the parties involved in the transaction.

Natixis S.A. – Milan Branch has confirmed the structuring of a €94.5 million project finance loan for a portfolio of photovoltaic plants with a total capacity of approximately 130 MW, all owned by the Danish company European Energy A/S. The financed portfolio includes, in particular, Italy's largest photovoltaic plant, with a total capacity of approximately 103 MW, partly not supported by state incentives, which is one of the innovative aspects of the financing transaction. Orrick also assisted Natixis in the financing of €44.5 million for the construction of a single part of the plant.

The Orrick team assisting Natixis was led by Partner Carlo Montella, Deputy Business Unit Leader of the firm's Energy and Infrastructure practice, assisted, for the preparation and negotiation of the loan agreement and related financial documentation, by Of Counsel Maria Teresa Solaro together with Associate Ignazio D'Andria and Trainee Lorenzo Massaro, For administrative due diligence aspects, the team was led by Partner Francesca Isgrò, together with Associate Milvio Delfini and Trainees Alessandro Sassoli and Edoardo Mencacci. For aspects relating to the project's construction and maintenance contracts, the team was led by Managing Associate Daria Buonfiglio. The tax aspects of the transaction were handled by of counsel Giovanni Leoni and associate Camillo Melotti-Caccia, and the accounting aspects by KPMG, with a team composed of associate partner Giacomo Perrone and Stefano Guarino.

The internal team at European Energy, which worked in coordination with the head of Italy, Alessandro Migliorini (sole director of the project companies), was assisted by the international law firm Gianni, Origoni, Grippo, Cappelli & Partners, with a team composed of partners Giuseppe Velluto and Ottaviano Sanseverino, and senior associate Silvia Morando. AMTF Avvocati, with tax partner Mattia Bock, handled the tax aspects of the transaction involving the Italian holding company of the Danish group and the four subsidiaries (all included in the scope of the transaction), and partner Michele Gioffré and associate Giusy Cardinale handled the corporate law aspects.

The parties also availed themselves of the assistance of Notary Carlo Munafò for the execution of the notarial deeds and for all other preliminary and subsequent formalities following the signing of the agreement.

Source: CompanyBank