Linklaters advised Natixis and Caisse d'Epargne et de Prévoyance Provence-Alpes-Corse (CEPAC) as mandated lead arrangers and lenders and Natixis as agent and hedging bank in relation to the refinancing of a portfolio of 15 rooftop photovoltaic power plants located on hypermarkets in the south of France, with an aggregated installed capacity of 31.17 MWp. The plants are co-owned by the DIF Infrastructure II investment fund and GreenYellow.
This innovative structure included both project finance and acquisition finance sub-structures and was one of the most complex of the renewable portfolio refinancings that came through in France recently. The facilities included two dedicated tranches for institutional investors.
The multi-jurisdictional cross-practice Linklaters team assembled for this project was led by Banking and Projects Partner François April. He was closely supported by Banking and Projects Managing Associate Samuel Bordeleau. Associates Cédric Sinarinzi and Nathanaël Caillard also participated on the banking and projects aspects of the transaction, and Associates Marion Caoudal (Projects), Fanny Mahler and Jean Berrut (Public Law), Amaury Chautard and Nawel Belabdelouahab (Real Estate), Yoann Hay (Corporate) and Lisa Janaszewicz (Banking) carried out the due diligence of the 15 solar plants, while Managing Associate Clémentine Giannini was involved in the tax aspects of the transaction. Linklaters Luxembourg (Melinda Perera (Counsel), Charline Lesniarek and Natalie Blanc (Associates)) advised on the Luxembourg aspects of the refinancing.
Linklaters in Paris is recognised for its experience in the energy sector, and is regularly appointed by investors, sponsors and banks alike in major transactions in France, including renewable energy projects. In the last few years, it advised in particular Société Générale as sole mandated arranger and underwriter for the financing of the largest solar power plant in Europe (300 MW in Cestas, Gironde), Ardian (formerly known as AXA Private Equity) and Neoen on the acquisition of Poweo’s renewable energy assets, Mirova on Swedish wind energy joint ventures, including with Eolus, Holmen and Platina, GDF Suez on its bids for offshore wind projects in Noirmoutier and Le Tréport and Marubeni in relation to the acquisition of renewable energy assets from GDF Suez in Portugal. In the last four years alone, our Paris office was also involved in a large number of greenfield renewable energy project financings (wind and solar) with an aggregate installed capacity of more than 900 MW, and also closed refinancings, acquisitions and disposals of operational projects portfolios with a total installed capacity superior to 2000 MW.
Linklaters is also one of the first firms to have created a team specifically dedicated to renewable energy within its international network, and is an active member of the French SER (Syndicate of Renewable Energy).
Other advisors
De Pardieu Brocas Maffei (Jean-Renaud Cazali, Frank Bauermann and Guillaume Sauvage) acted for the Sponsors.
