Glennmont Partners has completed the €190m refinancing of SER’s 245MW wind energy portfolio in Italy through a bond issuance.
The transaction is Italy’s first ever bond in the wind sector and is part of Glennmont’s ongoing activities to “realise additional value from its operational assets”.
The SER portfolio is made up of 231 wind turbines across Sicily and Puglia, all of which entered into operation between 2009 and 2012.
The portfolio was acquired in June 2016.
The refinancing has replaced part of the original project finance debt, from nine financing banks, with one bond listed on the Borsa Italiana’s ExtraMOT.
Glennmont Partners chief financial officer Francesco Cacciabue said: “This transaction demonstrates Glennmont’s confidence in the clean energy sector across Europe as our investors enjoy an unprecedented yield from our funds’ assets.”
The refinancing was arranged by Natixis and Unicredit.
DNV GL acted as technical adviser, PwC as tax adviser, and both Orrick Herrington & Sutcliffe and Gianni, Origoni, Grippo, Cappelli & Partners provided legal advice to the borrower and lenders respectively.
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