Ashurst has acted as advisor for lead arrangers for the €222m project bond and project finance refinancing of Etrion Corp’s 53.5MW Italian solar portfolio.
Ashurst advised lead arrangers Natixis, BNP Paribas CIB and Credito Valtellinese, as well as the French infrastructure debt fund SCOR Infrastructure Loans II.
The bond and loan are both non-recourse, senior, secured, unwrapped and unrated and are granted to the Italian parent company Etrion.
The bond is listed on the ExtraMot Pro market managed by the Italian Stock Exchange.
Ashurst’s team was led by energy and resources partner Carloandrea Meacci and by international finance partner Gianluca Fanti, assisted by counsel Umberto Antonelli, Giuseppe Barra Caracciolo and Elena Giuffrè, associates Federica Periale, Nicola Toscano and Andrea Semmola.
The deal is the second project bond in Italy in the renewables sector after Antin Solar closed in November 2014, also arranged by Natixis and advised by Ashurst.
Image: Etrion
