International law firm Ashurst advised Tages Helios ("Tages"), the real estate investment fund managed by Tages Capital SGR, on the structuring of the HoldCo financing transaction for a photovoltaic portfolio with an installed power of up to approximately 140MW.

This is the third financing operation for Tages with an unprecedented structure based on a scheme typical of loans for real estate infrastructure funds, following the refinancing of the 9REN portfolio in December 2016 and the Sunreserve portfolio in July 2017.
The new transaction has a higher value compared to the previous ones and will also provide tranches dedicated to the refinancing of a pipeline already identified by Tages.

The pool of national and international financing banks involved in the financing consists of Banca IMI SpA, Banco BPM SpA, Banco Santander S.A. - Milan Branch, Bayerische Landesbank Anstalt des öffentlichen Rechts, BNP Paribas - Italian Branch, MedioCredito Italiano S.p.A., MPS Capital Services Bank for Companies S.p.A., Société Générale S.A. - Milan Branch, Unione di Banche Italiane S.p.A., UniCredit S.p.A. and Intesa Sanpaolo S.p.A.

Ashurst advised Tages in structuring the transaction, including complex intercompany relationships and in the preparation and negotiation of the related documentation, as well as in the negotiation of financial documents.
The Ashurst team was led by partner Carloandrea Meacci and counsel Simone Egidi, assisted by counsel Anna Pinzuti and Fabio Balza (tax), associates Flavia Calò and Nicola Toscano, and trainees Ilaria Rosa, Paolo Piccirilli and Riccardo Rao.