BPCE Energeco and Natixis finance acquisition of nine-plant solar portfolio

BPCE Energeco, acting as mandated lead arranger, original lender, and agent bank, has provided a financing facility to an Italian holding company managed by a leading European energy investment platform on behalf of a primary international investment fund. Natixis S.A. acted as the hedging bank for the transaction.

The financing, structured on a project finance and hold-co financing basis, includes a senior line dedicated to the acquisition of nine solar photovoltaic plants located in central and southern Italy. These assets benefit from the incentive tariffs under the second, third, and fourth Conto Energia schemes. The operation also provides for the refinancing of existing debt for eight of the special purpose vehicles and includes a capex line to fund the implementation of a revamping plan for certain plants within the portfolio.

FIVERS Studio Legale e Tributario assisted BPCE Energeco and Natixis S.A. throughout all phases of the transaction. The multidisciplinary team was led by partner Maria Teresa Solaro and coordinated by senior associate Teresa Florio, supported by associates Marco Balzano and Andrea Oddo for the structuring and negotiation of the financial and security documentation. Partner Antonio Papi Rossi managed the regulatory aspects. Florio, Balzano, and Oddo also oversaw the early repayment of six existing loans and the redemption of two financial leases.

Deloitte assisted the borrower regarding the acquisition of the HoldCo and its subsidiaries, as well as the negotiation of the financing documentation. The team was led by Filippo Manaresi, Head of Energy at Deloitte Legal, supported by senior associate Daniele Lena and, for administrative, regulatory, and due diligence aspects, by managing associate Emanuele Bottazzi. Tax profiles were managed by Alessandro Zito, partner at Studio Tributario e Societario Deloitte, and director Michele Torroni.

Protos, Wide Group, and KPMG served respectively as technical consultant, insurance advisor, and model auditor for the operation. Notary Carlo Munafò managed the execution of all notary deeds related to the financing, acquisition, and loan settlements.