Ashurst advises Alantra Solar and N-SUN Energy on the €213m financing for the development of 1.9 GW photovoltaic platform in Spain and Italy
29 January 2024
29 January 2024
Global law firm Ashurst has advised Alantra Solar and N-SUN Energy, on the €213m financing for the development of 1.9 GW photovoltaic platform in Spain and Italy.
The investment comprises 50 solar plants located across Southern Europe, which are in development led by Solarig. Once these plants reach ready-to-build status, the investment vehicle, N-SUN Energy, managed by Alantra Solar, progressively acquires them. The 1.9 GW plant portfolio is expected to be fully developed by the end of 2025.
€213m in new debt financing has been secured from a syndicate of banks coordinated by Rabobank, with ABN AMRO, BNP Paribas, Commerzbank, and Rabobank as the original lenders to the new facility, which will be used for the construction of the first batch of seven solar plants with a total capacity of 306 MWp.
The first solar plant of the 16MW vehicle located in Zafra, Badajoz (Spain) has been connected to the grid, while construction of the other seven plants will begin shortly.
The team was led by banking and finance partner Jose Christian Bertram, assisted by Juan Aznar, Javier Altemir and Nerea Sobrón (associate, junior associate and trainee respectively). On the derivatives side, the transaction was led by partner Irian Martinez, assisted by Ignacio Piñeiro (associate). Finally, the Energy Transition team was also supported by partner Andrés Alfonso, assisted by Beatriz Aizpún and Pedro Díaz (both associates).