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WFW advises Intesa Sanpaolo and Belenergia on €42m financial restructuring

11 July 2016

EN | IT

International law firm Watson Farley & Williams (“WFW“) successfully advised Intesa Sanpaolo, acting as lender and agent, on the financial restructuring of six special purpose vehicles (“SPVs”), as well as Banco di Napoli also, acting as lender, on three of the aforementioned restructurings.
The SPVs, all entirely owned by Belenergia S.A., own ten photovoltaic plants, with an aggregated capacity of 10 MW, located in the Apulia, southern Italy.

WFW advised Intesa Sanpaolo and Belenergia on the negotiation, drafting and signing of amending acts to the existing financings, on the remodulation of the security package and of the contracts for the sale of the energy produced by the plants. The firm also advised on the corporate reorganisation of Belenergia Group.

Belenergia is one of the major international players in the European renewable energy sector, including solar, wind and biomass. The company has an installed capacity of 70 MW in the wind sector, 25 MW in the solar sector and 18 MW in the biomass one, spread across Italy and France. Belenergia is the first company to have been granted authorisation for an offshore wind plant in the Mediterranean Sea.

Intesa Sanpaolo is a leading banking group and one the largest bank in Italy.

The WFW team advising on the refinancing was led by WFW partner and Head of Italy Eugenio Tranchino, assisted by counsel Luca Sfrecola and associates Giovanni Incardona and Cristina Betti. The team worked closely with Intesa Sanpaolo’s inhouse counsel Flaminia Lattanzi and Delfina Biroli throughout the transaction.

Eugenio commented: “We are very proud to have advised Intesa Sanpaolo and Belenergia as deal counsel on this transaction. This instruction emphasises once again our pre-eminent position as the leading legal advisers in Italy in the renewables sector for both borrowers and lenders”.

Jacques Edouard Lévy, Managing Director of the Group and Italian affiliate, commented: “We are happy to have been advised by Watson Farley & Williams on this transaction. The team was always available and provided exceptionally clear and high quality advice. This was crucial the success of the transaction, closed within a tight timeframe”.