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19 December 20232 minute read

DLA Piper advises Rivage Investment on a senior secured project bond for four solar plants in Italy

DLA Piper has advised Rivage Investment, a leading French asset management company specializing in the financing of sustainable infrastructure in the underwriting of a senior secured project bond issued by Sigma Bel Energy S.r.l..

The bond, which features a seven year maturity and an innovative tranche issuance structure, was fully subscribed by a Rivage fund. The proceeds will be used for the construction of four photovoltaic solar plants with a total capacity of 56 MW in the Municipality of Melfi (Potenza). The fully merchant project will not benefit from any government-backed offtake schemes.

DLA Piper advised on all phases of the project, from the initial due diligence to the issuance and subscription of the bond, which was centralized in dematerialized form at Euronext Securities Milano. The multidisciplinary team that assisted Rivage was led by Vincenzo La Malfa, partner in DLA Piper’s Finance, Projects and Restructuring practice (FPR), based in Rome. He was supported by Giovanni Ragnoni Bosco Lucarelli, and Luciano Morello (all partners, FPR, Rome), Germana Cassar (partner, Litigation & Regulatory practice, Milan), Giulio Maroncelli (partner, Corporate practice, Rome), Andrea Di Dio (partner, Tax practice, Rome), Claudio D'Alia (legal director, FPR, Rome), Chiara Colamonico (legal director, litigation and regulatory practice, Rome), Roberta Padula (senior lawyer, Corporate practice, Rome), Martina Antoniutti (senior lawyer, FPR, Rome), Francesco Chericoni, Mariacarmela Timpone, Chiara Campagna, and Alessia Lamedica (all lawyers, FPR, Rome), Giulia Isabella Valenzi (lawyer, Tax practice, Rome), Paola Nardella and Angela Angiò (both trainee lawyers, FPR, Rome), Caterina Ceccanti (trainee lawyer, FPR, Milan), Caterina Buglione and Tommaso Zucchetti (both trainee lawyers, Corporate practice, Rome).