Chiomenti and Green Horse Legal Advisory advise on €118 million financing for Sicily Green Power

Chiomenti and Green Horse Legal Advisory took part in the transaction: Chiomenti advised Sosteneo and Sicily Green Power, while Green Horse Legal Advisory advised the lending bank pool comprising ING Bank N.V. – Milan Branch and BayernLB. Arcus and Fichtner supported the parties respectively as exclusive financial advisor and as technical consultant to the banks. The transaction Sicily Green Power, a company within the portfolio managed by Sosteneo SGR, secured a project finance (no‑recourse) financing package of approximately €118 million. The financing is intended to provide the resources necessary for the construction of two photovoltaic plants, each held by a dedicated SPV, with a combined installed capacity of 87.6 MW. Expected cash flows are underpinned by different revenue streams: one of the plants benefits from an incentive tariff under the FER 2019 decree and the other will be supported by a 12‑year power purchase agreement (PPA). The financing is structured as a HoldCo loan to Sicily Green Power provided by a pool of banks composed of ING Bank N.V. – Milan Branch and BayernLB. The facility package includes a Senior line, a VAT line, a DSR line, an Acquisition line and a line to support performance guarantees under the project contracts. ING also acted as Facility Agent and Issuing Bank. Advising teams and contributors Chiomenti represented Sosteneo and Sicily Green Power with a team composed by: partner Carola Antonini (team lead); counsel Girolamo D’Anna (finance); associate Niccolò Antongiulio Romano (finance and project contracts); associate Randy Ashu (finance); of counsel Manuela Cerulli (project contracts); associate Emanuele Caramiello (project contracts); of counsel Antonino Guida and senior associate Andrea Basi (tax); counsel Sara Cerrone (hedging); counsel Elisabetta Mentasti and associate Bernardo Antonio Masso (administrative law). The due diligence was coordinated by managing associate Giulia Elisabetta Uboldi with associates Giuliana Mazzi, Mattia Cofini and Sara Del Peschio Liberatore (real estate), associate Mattia Cofini (corporate) and counsel Elisabetta Mentasti together with associate Bernardo Antonio Masso (administrative matters). Green Horse Legal Advisory represented the pool of banks (ING Bank N.V. – Milan Branch and BayernLB) with a multidisciplinary team composed by: partner Francesca Cuzzocrea (team lead); associate Daniele Sani (drafting, negotiation and execution of finance documentation); counsel Francesco Palmeri and associate Michele Carli (administrative law); senior associate Riccardo Malaguti (project contracts). Arcus, acting as exclusive Financial Advisor to Sicily Green Power, operated with a team composed by: Senior Partner Federico Mander (modelling and structuring) and CEO Stefano Cassella (coordination) in the processes of modelling, structuring, negotiation and finalisation of the financing. Fichtner, as technical consultant to the lending banks, provided a team composed by: Project Manager and Senior Renewable Energy Consultant Lorenzo Sartorelli and Team Leader PV Projects Alberto Fontana, addressing technical, technical‑administrative and commercial aspects of the projects.

Chiomenti and Green Horse Legal Advisory advise on €118 million financing for Sicily Green Power

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