solar panel close up with sun

WFW advises banking syndicate on €58m French solar portfolio refinancing

12 August 2016


International law firm Watson Farley & Williams (“WFW”) advised a syndicate of French banks comprising Bpifrance Financement (as lender, security agent and co-arranger), Natixis Energéco (as lender, agent and co-arranger) and Banque Palatine (as lender, hedge bank and account bank) on the €58m refinancing of a portfolio of 14 ground and roof-based solar plants.

The projects which are located in mainland France and Martinique were developed by Eneryo, a company in the Novenergia Group, and have a combined output capacity of 15.8 MW. As they are operated by six SPVs which were originally financed by means of bank loans and equity, the refinancing of the portfolio took place at parent company level.

WFW advised the syndicate on the drafting of all financing documents as well as assisting during the legal due diligence process.

The WFW team was led by Laurence Martinez-Bellet (Partner, Finance), accompanied by partners Laurent Battoue (Public and Regulatory law) and Romain Girtanner (Tax), and assisted by associates Marie Lesschaeve and Sébastien Hoff (Finance), Nicolas Demeocq (Public and Regulatory law), Maxime Leoni (Real estate), Hélène Ibos (Tax), Inès Garcia de las Bayonas and Alban Vaqué d’Anla (Corporate).

Eneryo was advised by a team from Kalliopé comprising Rodolphe Cavroy, Damien Le Mouël and Virginie Harmann.