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5 March 20242 minute read

DLA Piper advises on EUR213 million construction loan for Alantra Solar’s 306 MWp PV portfolio

DLA Piper has supported a consortium of financial institutions on securing EUR213 million in debt financing to build seven solar plants. The consortium was led by Rabobank, with ABN AMRO Bank, BNP Paribas, Commerzbank and Rabobank as lenders. Apex Financial Services Spain acted as agent.

The financing is for the construction of seven PV plants in Italy and Spain with a collective power capacity of 306 MWp. The funds were channeled through two interconnected, medium- to long-term loans to N-Sun Energy, a prominent solar development platform in Europe managed by Alantra Solar.

The transaction is notable for its innovative nature. The non-recourse construction loan needs meticulous structuring akin to standard project financing arrangements to ensure seamless refinancing upon completion.

DLA Piper put together an international and multidisciplinary team for the transaction.

The Rome and Milan teams, coordinated by partner Giovanni Ragnoni Bosco Lucarelli, with the support of lawyers Francesco Chericoni, Angela Angiò and Paola Nardella, advised on the drafting and negotiation of the Italian finance documents and the negotiation of the project contracts. Partner Germana Cassar, with lawyer Ludovica De Gennaro, carried out the regulatory due diligence. Partner Andrea Di Dio, with lawyer Valentina Trappolini advised on the tax aspects of the transaction. Partner Vincenzo La Malfa, with the support of Andrea Cerini, drafted and negotiated the hedging agreements.

The Madrid team, coordinated by partner Juan Gelabert Chasco, with the support of senior associate Felipe Lopez Sanchez and associate Angel Ansorena Macias, advised on the Spanish finance documents. Partner Josè Maria Barrios Garrido, counsel Marta Vizcaino Martin and associates Carlos Tobias Figuerola and Marcos Gil Trigo advised on due diligence.