Milan: International legal practice Norton Rose has advised Banca IMI S.p.A . as arranger and lender on a €22.08 million limited recourse financing for the construction, operation and maintenance of four biogas-vegetable waste plants (aggregate capacity 4 MW). The plants are owned by four Italian special purpose vehicles which are in turn owned by Kinexia Group, a company listed on the Italian Stock Exchange (MTA – electronic stock market) and active in the renewables sector.

The plants are already connected to the Italian grid and started producing energy on December 31 2012. They receive some benefits provided by the current Italian renewable energy incentive regime. In particular, the Italian regime offers a so-called "all inclusive feed-in-tariff " (tariffa onnicomprensiva), which is guaranteed for a period of 15 years from the start date of operation of the plant and includes both the incentive and the price of sale of the energy produced.

The proceeds of the loan will help to enable Kinexia to reach its ambitious strategic objectives set out in its 2013-2015 Business Plan.

The Norton Rose team was led by partner Arturo Sferruzza, who was assisted by associate Luigi Costa for financial, corporate and contractual matters and Federica Marchetti for administrative law aspects.

http://www.nortonrose.com/news/76004/norton-rose-advises-banca-imi-and-…