WFW advises BPER on €60m Italian wind plant financing

1 August 2016


International law firm Watson Farley & Williams (“WFW“) advised BPER Banca (“BPER”) on the transfer of the original €60m financing, from a pool of banks, to the special purpose vehicle (“SPV”) Daunia Candela S.r.l. for the construction, development and management of a wind plant with a total capacity of 39.1 MW, in Candela, Apulia, southern Italy.

Following the financial transfer, WFW also advised BPER on the review of ancillary finance documentations, to help align financial conditions to the markets ones and improve the project’s revenues.

The deal reflects a current trend in the Italian market which has seen banks that originally financed a deal transfer their rights and credits to another lender in order to consent to the borrower revising the original financial terms to align them with the current market conditions.

BPER Banca is a commercial and cooperative bank and the parent bank of the BPER Group, one of Italy’s leading banking groups primarily focused on small and medium enterprises with a strong international focus.

Daunia Candela is an Italian company active in the generation, transmission, and distribution of electricity.

The WFW Italy team advising BPER was led by Rome finance partner Pierpaolo Mastromarini, assisted by senior associate Michele Arruzzolo and associate Daniele Pompei for project finance aspects. Senior associate Elena Macchi advised on all regulatory and administrative matters.