Ashurst and Clifford Chance Advise on €671 Million Green Financing for Tages Helios

Ashurst and Clifford Chance assisted, respectively, the Tages Helios fund managed by Tages Capital SGR and a pool of seven financing banks in a green financing and refinancing transaction concerning the fund’s entire photovoltaic portfolio. The transaction is a green loan project finance facility totalling €671 million. It refinances and provides new financing for the fund’s photovoltaic portfolio of approximately 272 MWp and is intended to support corporate rationalisation, technical efficiency improvements at the photovoltaic plants and to create the conditions for future investments in electrochemical battery storage (BESS). The facility was made available in two phases: an initial tranche of €276 million made available on 29 October 2024, followed by an increase of €395 million completed on 23 October 2025, bringing the total facility to €671 million. Ashurst represented the Tages Helios fund managed by Tages Capital SGR, with a team composed by: Partner Carloandrea Meacci (team leader), Senior Associate Federica Formentin, Associates Stefano Tallamona and Michela Bardelli, and Trainee Clara Stolfa. Tax advice was provided by Partner Michele Milanese, supported by Counsel Roberto Ingrassia and Trainee Pier Paolo Capponi. Hedging documentation was handled by Partner James Knight with support from Trainee Marc Neilson. Clifford Chance represented the pool of seven financing banks, with a team composed by: Partner Chiara Commis (team leader), Associates Alessandra Ravazzolo and Camilla Rigamonti, and Trainee Maria Giulia Torelli. Tax matters were followed by Counsel Sara Mancinelli with support from Associate Mario Martignago. Hedging documentation was handled by Counsel Riccardo Coassin with support from Associate Veronica Valerio. Studio Notarile Marchetti provided notarial services, with Notary Carlotta Dorina Stella Marchetti assisted by collaborators Matteo Sant’Ambrogio and Ludovica Mazzola.

Ashurst and Clifford Chance Advise on €671 Million Green Financing for Tages Helios

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