Watson Farley & Williams (“WFW”), has advised Intesa Sanpaolo S.p.A. and MPS Capital Services S.p.A. on the transfer to BNL S.p.A. of their loans and ancillary rights deriving from an original project finance facility agreement of €23.8 million. The purpose of the original loans was for the construction and maintenance of a 16 MW wind farm in the Apulia Region of Southern Italy.

The aforementioned transaction reflects a current trend in the market which allows the original banks to transfer their rights and credits in order to consent to the borrower  revising the original financial terms for alignment with the current market conditions.

Turin, Italy-headquartered Intesa Sanpaolo S.p.A. is the largest bank in Italy, while MPS Capital Services S.p.A. is the corporate and investment bank of MPS Group. Rome-headquartered BNL S.p.A. is an Italian bank that has been a subsidiary of BNP Paribas since 2006.

The WFW Italy team was led by finance partner Pierpaolo Mastromarini. He was assisted by associates Michele Arruzzolo as project manager, Ginevra Biadico for administrative law aspects and Elisa Chiaro who advised on corporate law.