Global law firm Norton Rose Fulbright has advised Enertronica S.p.A. on the structuring of N$100 million financing made available to the special purpose vehicle Sertum Energy Namibia (Proprietary) Limited and on the negotiation and finalization of the finance documents with Bank Windhoek.

Enertronica S.p.A is an Italian listed company active in the energy and mobility sectors.

The hybrid financing structure, which is a combination of project and corporate financing, will allow Sertum Energy Namibia (Proprietary) Limited, among others, to refinance the costs already incurred and to complete the construction and connection to the grid of a photovoltaic plant of approximately 5 MWp on the site of Trekkopje, Erongo Region, Namibia.

This transaction represents one of the few financings granted by a local bank for the implementation of renewable energy projects falling within the REFIT Program, jointly launched by NamPower and Namibia's Electricity Control Board.

Luigi Costa, Senior associate, comments:

“This was an important transaction on several levels. First, it exemplifies Enertronica’s continued success in Namibia and furthering of an ambitious business strategy that is focused on internationalization and an eco-sustainable and modern approach. Second, the refinancing was made possible thanks to the implementation of a rather complex, local currency hybrid structure loan facility, comprised of project and corporate features. It was also the first time ever that a Namibian bank participated in a similar financing. For our banking and energy team in Milan, not only was this transaction a confirmation of our know how in structuring innovative financings, but also of our ability to provide a unique legal service to Italy-based multinational companies: one that helps them reach objectives in all corners of the world.”

The Norton Rose Fulbright team was led by Luigi Costa, assisted by Ginevra Biadico.