Advising a club of lenders on financing landmark Italian BESS project

Global law firm DLA Piper has advised a consortium of lenders comprising ABN AMRO, BayernLB, CIBC, Nord/LB, and Siemens Bank, on a first-of-its-kind project financing of Aer Soléir's flagship Rondissone 250 MW 1 GWh Battery Energy Storage System (BESS) in the Italian province of Piedmont.

The Rondissone project, at 250 MW with a 4-hour duration, is one of the largest battery storage projects currently under construction in Italy. It is scheduled to commence commercial operations in Q4 2027.

The project was awarded a 15-year Capacity Market Contract with the Italian Government in the Q1 2025 auction and benefits from a fixed toll agreement with EGO Energy S.r.l., a direct subsidiary of Shell Italia Holding S.P.A.

A multidisciplinary team from DLA Piper's offices in the UK, Ireland, Italy, and the Netherlands, worked on the transaction and was led by London-based Project Finance partner Nikhil Markanday. He was supported by partners Giovanni Ragnoni Bosco Lucarelli, Sean McGrenaghan, Gerard Kneppers, (all Finance), and Andrea Di Dio (Tax), legal director Jennifer Jin, lawyers Camila Corradini, Paola Nardella and Mariacarmela Timpone (all Finance), senior associates Charlotte Eliades, Francesco Chericoni and Umah Kathirgamathamby, associates Cormac O'Brien and Julio Zhou, advocaats Seréyo Bekkink, Nina Kösters, and trainee solicitors Abbie Bauckham and Seth Heward-Mills.

Commenting on the significance of this project, Nikhil Markanday said: “This transaction marks a significant milestone in the deployment of flexible energy infrastructure across Europe and we congratulate Aer Soleir and the lender group for bringing this project to financial close.”

In recent months, DLA Piper's International Projects team has advised several high-profile clients on renewable energy matters, including:

• Supporting Société Générale S.A. on the first of its kind 50MW/100MWh Finnish BESS project;
• Advising asset manager and investment advisor, Amber Infrastructure and global investment group, La Caisse, on their commitment to invest in Sizewell C, the UK's 3.2GW nuclear power station;
• Assisting Afreximbank on its USD450 million facility for ARISE Integrated Industrial Platforms and Special economic zones expansion
• Advising the lenders on a USD430 million financing for Genser Energy Ghana Limited
• Supporting Santander on its EUR600 million Finnish wind farm financing
• Providing counsel on a 4.5GW Battery Energy Storage System pipeline in Germany