Norton Rose Fulbright has advised the lenders in relation to the €180m limited recourse financing provided to FVH1 S.r.l. The lenders are UBI Banca S.p.A., Banca IMI S.p.A., UniCredit S.p.A. and Mediocredito Italiano.

FVH1 S.r.l., a holding company created in 2016, comprises a number of special purpose vehicles (SPVs) previously owned by ForVei, the Foresight European Solar Fund and Vei Green. Combined, the SPVs own approximately 90MW of operating solar photovoltaic projects across Italy. The financing includes a long term facility, a VAT facility and a VAT guarantee facility. It will be used to refinance the debt of the SPVs to enable more efficient management of their finances.

The Norton Rose Fulbright team was led by head of the banking and finance and energy practices in Italy, Arturo Sferruzza (partner, Milan). The team also included Milan-based Elisabetta Negrini (senior associate) and Ginevra Biadico, Gloria Vigilante and Lisa Rancitelli (associates). Claudio Grisanti (partner) and Alberto Allegra (associate) provided tax advice.

Elisabetta Negrini commented: “I am delighted to be part of the large group of lawyers, bankers, financial consultants and business managers responsible for bringing this important transaction to successful conclusion. The refinancing will assist in creating new opportunities for ForVei to expand its business in Italy.”

Other advisors included Orrick and PwC, as legal and financial/tax advisors to the borrower, respectively. EOS Consulting was technical advisor to the banks.