Ashurst advised BNP Paribas Securities Services as noteholders' representative, security agent, calculation agent and paying agent in connection with the project bond granted to CEF 3 Wind Energy, a company controlled by Glennmont Partners and PGGM Vermogensbeheer, to refinance part of CEF 3 Wind Energy's wind farm portfolio, which is one of Italy’s largest operating wind portfolios with 245 MW of installed capacity.

This is the first project bond in the wind sector in Italy. The finance structure includes a bank loan and a project bond, both senior secured, having an aggregate value of €190 million. The €170 million unrated bond consists of a single fixed rate tranche and is listed on the Italian ExtraMotpro segment with national and international institutional investors.

The Ashurst team was led by Milan-based partner Carloandrea Meacci, assisted by associate Nicola Toscano.