Natixis acted as structuring mandated lead arranger & sole underwriter in the financing of 121.5 MW photovoltaic plants for European Energy, assisted by Orrick as legal advisor
Natixis is pleased to announce the successful completion on August 5th, 2020 of the up to 94.5 million euro financing of 121.5 MW photovoltaic plants for European Energy A/S. The financing follows a 44.5 million euro bridge loan provided by Natixis in August 2019 which marked the first ever financing of a photovoltaic plant not supported by state subsidies in Italy.
Natixis acted as structuring mandated lead arranger & sole underwriter, agent and hedging bank for the transaction. The Italian energy & infrastructure team at Orrick assisted Natixis in the structuring and negotiation of the facility agreement and throughout each aspect of the deal. Fichtner acted as technical advisor
The project is the largest photovoltaic plant in Italy and among the largest in Europe. Located in Apulia region, it can be divided in three sections:
- Part A consisting of 63MW, in operation since November 2019. Revenues are incentivized for 20 years under 5th Conto Energia scheme;
- Part B, 40MW PV plant in grid parity completed in July 2020; and
- Part C comprising four PV grid parity plants for a total of 18.5 MW. Construction is expected to be completed by October 2020.
All plants use well-proven photovoltaic technology mainly provided by top-tier manufacturers.
The transaction is one of the first transactions in Europe based on “market parity” and confirms Natixis’ full commitment to supporting clients in the renewable energy industry and in supporting the global energy transition.
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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