Watson Farley & Williams (“WFW”) advised Prow Capital, who manage the Green Shipping Fund (“GSF”), regarding a senior secured post-delivery financing granted to Liberty Lines S.p.A. (“Liberty Lines”).
The facility will primarily be used to finance a series of hybrid high-speed ferries, both already delivered or being delivered to Liberty Lines, all built by Astilleros Armón, under Spanish tax lease structures.
GSF is a €420m private debt fund that provides shipowners with loans for new and existing vessels that comply with its ESG criteria and whose emissions meet the IMO’s 2030 goals as well as those of the EU Green Deal. Founded in 1993, Liberty Lines is the world leader in fast maritime passenger transport.
The cross-border WFW Assets & Structured Finance team that advised Prow Capital was led by Madrid Partner Alfredo Cabellos and Rome Partner Furio Samela. They were supported by Madrid Associates Joana Roca Marimon and Leonor Mingorance on the Spanish law aspects of the transaction and by Rome Associate Sergio Napolitano and Trainee Flavia Piccioni on Italian law matters. English law advice was provided by London Partner Patrick Kirkby and Associate Jack Oldbury.
Furio commented: “This complex cross-border transactions highlights our commitment to support clients in advancing sustainable shipping solutions through innovative legal strategies”.
Alfredo added: “We are honoured to have advised Prow Capital and GSF once again on a ferry financing in Spain, reinforcing our shared commitment to innovative and ESG-aligned shipping solutions”.
Penningtons Manches Cooper and E. Morace & Co. acted as Liberty Lines’ Spanish and Italian counsel, respectively.
