Watson Farley & Williams (“WFW”) advised French renewables developer Total Eren and its Greek subsidiaries on a €200m Greek law cross-collateralised bond loan refinancing of three project companies, holding four operating wind farms and seven PV projects with a combined capacity of 157 MW with Eurobank Ergasias and Alpha Bank. Eurobank Ergasias acted as bondholder agent.
International law firm Pinsent Masons has advised on the project financing of a second 330MW coal-fired power station in Pakistan, using coal from the adjoining Thar Block II mine.
Pinsent Masons acted for Thar Energy Limited, the power stations developer, which when up and running will be critical in helping Pakistan address its electricity shortage. It is one of the biggest major project financing agreements under the Belt and Road China-Pakistan economic corridor, which covers $46 billion worth of infrastructure projects.
Macfarlanes has advised specialist investment firm Circularity Capital on the raising of its debut fund, Circularity European Growth Fund I LP, which has exceeded its £50m target and closed at its £60m hard cap.
Investment commitments came from global financial institutions, family offices, private investors and strategic corporate investors with funds being used to invest in growth stage European SMEs in the circular economy.
Global law firm Norton Rose Fulbright has advised Enel Green Power S.p.A. (EGP), as sponsor, and three project companies as borrowers (Villanueva Solar, Parque Solar Don Jose and Parque Solar Villanueva Tres) on a $605m limited recourse financing of a 1 GW portfolio of solar PV parks in Mexico comprised of: Villanueva I (470 MW), Villanueva III (350 MW) and Don Jose (220 MW). EGP entered the Mexican renewables market in 2008 and is currently the main clean energy operator in the country.
DLA Piper represented CIT Bank, Sumitomo Mitsui Banking Corporation and Coöperatieve Rabobank U.A., New York Branch in the US$100 million project financing and refinancing of the continuing expansion and development of a landmark fleet of behind-the-meter battery energy storage systems in Southern California for Macquarie Capital (USA) Inc. and affiliates.
Watson Farley & Williams (“WFW”) advised Banco Santander, S.A. and Banco Santander S.A. (Uruguay) on the project financing of the 50MW “Estrallada” wind park, in Cerro Largo, Uruguay, operational since 2015. The deal closed on 14 December 2018.
Leading energy company Atlantica Yield purchased the project, simultaneously to the project financing, from Enel Green Power. Atlantic Yield now has a Uruguayan wind portfolio of 150 MW.
The Orrick team in Paris advised the French State on the refinancing of the “Sud-Europe-Atlantique” high-speed rail line, totaling approximately €2.2 billion. The “Sud-Europe-Atlantique” high-speed rail line is a key element in the European high-speed rail lines network and is considered one of the most important infrastructure projects in Europe.
The Orrick team includes Amaury de Feydeau, Jean-Luc Champy, Geoffroy Berthon, Paul Loisel and Steeve Jaskierowicz.
India’s largest power producer NTPC has updated its $6billion MTN programme, listed on the India International Exchange (INX), India's first international stock exchange, and the Singapore stock exchange (SGX). When the programme got listed on the INX in 2018, it was India’s first quasi-sovereign company to list on the INX.
The programme will help NTPC raise funds at lower costs from international investors and also allow foreign investors to access good quality Indian debt paper.
Clifford Chance has advised ENGIE, a world leader in the energy transition, on the refinancing of the Al Dur Power and Water Project in Bahrain. Awarded in 2008 to a consortium of ENGIE and Gulf Investment Corporation (GIC), the Al Dur IWPP is a flagship power project in Bahrain, accounting for one-third of the country's power and water production, with capacity of 1,243MW in respect of power and 48 MIGD in respect of water per day.
A team led by James Pay and Joseph Woodworth from Clifford Chance's London energy and infrastructure practice has advised the project company and the sponsors (Innogy, Siemens, ESB, Macquarie and Sumitomo Corporation) on the successful £1.4bn refinancing of the 352.8MW Galloper Offshore Wind Farm.