The signing and closing of the refinancing took place simultaneously in London, Luxembourg, Madrid and Lisbon on 1, 2 and 13 December. The new financing of ca. 2.3 billion euros was granted to Finerge Europe Holding S.à.r.l., the holding company that indirectly holds the multiple portfolios of the Finerge Group in Portugal and Spain.
The transaction involved lawyers from four different jurisdictions – the United Kingdom, Luxembourg, Spain and Portugal. The Finerge Group was advised by Latham & Watkins (laws of England and Spain), Loyens & Loeff (laws of Luxembourg) and VdA (laws of Portugal) and the lenders by Allen & Overy (laws of England, Spain and Luxembourg) and Cuatrecasas (laws of Portugal).
The Finerge Group is the second largest renewable energy producer in Portugal, with an installed capacity of over 1500 megawatts (MW) of wind and solar farms in Portugal and Spain. It is owned by the Australian fund Igneo Infrastructure Partners, an asset management fund with assets worth over 15 billion dollars under management.
VdA is proud to have acted as advisor to the Finerge Group on this transaction, not only for its complexity and size but also because of its green loan certification and i innovative variable repayment mechanism designed to optimize the funding structure, taking into account the intrinsic volatility of the Group's wind and solar assets. The financing includes facilities with various characteristics, granted by ten different financial institutions.
VdA had a large and cross-practice team involved in this project. The due diligence exercise was led by Ana Luís de Sousa (Partner) and coordinated by Maria Gorjão Henriques (Associate). For the structuring/negotiation of the financing and the security package, the team was led by Teresa Empis Falcão (Partner) with the participation of Beatriz Pereira da Silva (Associate) and Rita Costa Lima (Trainee), with support from Vanessa Cardoso Pires (Managing Associate) and Maria Afra (Associate) on corporate related matters. On tax matters, the team was led by Miguel C. Reis (Partner) with the participation of Miguel Gonzalez Amado (Managing Associate). Cristina Melo Miranda (Senior Associate) and Arthur Grossmann (Trainee) were involved in the corporate matters related to the upstream and downstream of funds in the context of the transaction. For client management and M&A matters, Cláudia Cruz Almeida (Partner) and Domingos Freire de Andrade (Associate) were always involved.
Media:
Expresso | Renováveis: Finerge fecha financiamento de 2,3 mil milhões de euros
