DLA Piper advises on EUR228 million financing for Alantra Solar PV portfolio

Global law firm DLA Piper advised Mitsubishi UFJ Financial Group (MUFG), the Japanese bank holding and financial services company, on the refinancing of a photovoltaic portfolio comprising six plants – four in Italy and two in Spain – with a total capacity of approximately 248 MWp.

The transaction was structured as a multi-borrower, cross-collateralised, long-term financing facility in favour of two subsidiaries of N-Sun Energy, one of Europe’s leading solar development platforms, managed by Alantra Solar, for a total amount of approximately EUR228 million.

The refinancing supports the development of a diverse mix of photovoltaic and agrivoltaic projects, benefiting from long-term power purchase agreements (PPAs) and incentive frameworks, including the FERX tariff regime and advanced agrivoltaic incentives.

The cross-practice and multijurisdictional DLA Piper team was led by partner Giovanni Ragnoni Bosco Lucarelli (Finance) and supported by partners Germana Cassar (Regulatory) and Vincenzo La Malfa (Finance), senior lawyer Francesco Chericoni (Finance), lawyer Camilla Corradini (Finance), and Angela Angiò (Finance) for the financial aspects, as well as legal director Chiara Colamonico, lawyers Josilda Pelani and Luca Paron (Regulatory) for the due diligence activities.

Counsel on the Spanish aspects of the transaction, was led by partner Jesus Zapata (Finance). He was supported by partners Jose María Barrios (Regulatory) and Pablo Echenique (Corporate), senior associates Felipe Lopez Sanchez (Finance) and Pablo Gamboa (Real Estate), associates Angel Ansorena Macias (Finance), Carlos Tobias Figuerola (Corporate), and Mateo Soler and María Velasco (both Regulatory).

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