solar panels in field with flowers

WFW advises on the restructuring of €23.5m financing of Solar Investment Group’s 6.2 MW solar portfolio

5 August 2015


Watson Farley & Williams (“WFW”) has advised UBI Banca on the amendment of the respective finance documents and ancillary financial documentation for two separate projects’ financial facilities equal to, in aggregate, €23.5m and provided to two Italian energy producers, Energia Sviluppo Toscana S.r.l. and Possidente Energie S.r.l., which are special purpose vehicles held entirely by Solar Investment Group (“SIG BV”). The facilities were used for the construction, development, maintenance, management and operation of nine photovoltaic plants of 6 MW in total in the Tuscany and Basilicata regions of Italy.

Both Energia Sviluppo Toscana S.r.l. a Possidente Energie S.r.l. are active in the production of energy solar power.

The WFW Italy team was led by finance partner Pierpaolo Mastromarini. He was assisted by associates Michele Arruzzolo for project finance aspects as project manager, as well as by the partner Tiziana Manenti and by associates Cristina Betti and Ginevra Biadico for corporate and administrative aspects.

Pierpaolo Mastromarini commented: “The advantage of the innovative cross-collateralization financial structure is that it allows the parties to improve their portfolio risk management, ensuring sustainable financial parameters thanks to intercompany synergies by remodeling of the SPVs’ debt profile to mitigate  the effects of the  implementation of the s.c. “Spalma Incentivi“ Decree in the Italian photovoltaic market.”

The decree forces PV plant owners to take either a cut on the incentive amount or on the duration of the feed-in tariff for solar energy, even on those PV plants installed and financed before such decree was passed.