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WFW advises lenders on €500m European solar infrastructure portfolio financing23 January 2025

Watson Farley & Williams (“WFW”) advised Rabobank, Santander Corporate & Investment Banking and Intesa Sanpaolo Bank Luxembourg SA as lenders on an up to €500m term, DSR and letter of credit facilities granted to a subsidiary of Amarenco Solar Limited (“Amarenco”) for the financing of a multi-country solar infrastructure project.

The financing will be used for the development, construction and other project costs of a number of ground-mounted solar PV projects in Ireland, Spain and Portugal, as well as related intra-group and mezzanine intercreditor arrangements. The financing uses a FinCo borrower structure rather than the more commonly used HoldCo one and includes the refinancing of numerous smaller financings already in place, as well as structurally subordinated mezzanine debt with Berenberg fund.

WFW’s assistance included the review and coordination of tax and project agreements, corporate, real estate, environmental and planning due diligence and tax structuring advice across Ireland, Spain and Portugal as well as advising on the suite of finance documents alongside local counsel in those jurisdictions.

Based in Cork, Ireland, Amarenco is one of Europe’s leading independent renewable energy and producers. It was founded in 2018 through the merger of the Irish company of the same name with France’s Méthode Carré. With a business model integrating the complete chain for solar electricity production, has raised €500m from well-known investors since 2020.

The cross-border WFW Projects team that advised the lenders was led by London Projects Partner Daisy East and Paris Finance Partner Laurence Martinez-Bellet, working with Senior Associate Suki Rees, Associates Caitlin Jenkins, Michelle Kerry and Ellen Mackie and Trainee Kate Clancy. They were supported by Tax Partner Richard Stephens, Senior Consultant Georgios Chic, Associates Kristina Buckberry, Oli Baines, Pip Moss and Trainees Elias Votta and Sara Domi in London; Associate Olivier Charron in Paris; and Partners Rodrigo Berasategui (Finance) and Luis Soto (Tax), Senior Associates Jacobo Hermidas Uzal, Javier Gabiña and Lidia Fernandez Jiminez and Associates Beltrán Silva Parladé and Miquel Ros in Madrid.

Laurence commented: “As our team previously worked alongside Amarenco to finance the construction of largest battery storage project in France and to refinance photovoltaic portfolios, we are delighted to have assisted on this new landmark cross-border and innovative financing transaction supporting the growth and geographical expansion of Amarenco”.

Daisy added: “We are delighted to have advised the lenders on this important financing which is set to make an impact within the solar infrastructure space across Europe. This deal highlights WFW’s strength in depth when it comes to major European energy financings and the effortless collaboration between our London, Paris and Madrid offices”.


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