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Natixis acted as structuring mandated lead arranger & sole underwriter in the financing of 121.5 MW photovoltaic plants for European Energy, assisted by Orrick as legal advisor
Natixis is pleased to announce the successful completion on August 5th, 2020 of the up to 94.5 million euro financing of 121.5 MW photovoltaic plants for European Energy A/S. The financing follows a 44.5 million euro bridge loan provided by Natixis in August 2019 which marked the first ever financing of a photovoltaic plant not supported by state subsidies in Italy.
Natixis acted as structuring mandated lead arranger & sole underwriter, agent and hedging bank for the transaction. The Italian energy & infrastructure team at Orrick assisted Natixis in the structuring and negotiation of the facility agreement and throughout each aspect of the deal. Fichtner acted as technical advisor
The project is the largest photovoltaic plant in Italy and among the largest in Europe. Located in Apulia region, it can be divided in three sections:
- Part A consisting of 63MW, in operation since November 2019. Revenues are incentivized for 20 years under 5th Conto Energia scheme;
- Part B, 40MW PV plant in grid parity completed in July 2020; and
- Part C comprising four PV grid parity plants for a total of 18.5 MW. Construction is expected to be completed by October 2020.
All plants use well-proven photovoltaic technology mainly provided by top-tier manufacturers.
The transaction is one of the first transactions in Europe based on “market parity” and confirms Natixis’ full commitment to supporting clients in the renewable energy industry and in supporting the global energy transition.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.6 billion, a Basel 3 CET1 Ratio(1) of 11.2% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in
Figures as at 30 June 2020.
