BNZ obtains first Total IPP Financing for more than €680 million: Advisors
BNZ, owned by Clean Energy Fund III of Nuveen Portfolio (one of the largest investment managers with $1.2 trillion of assets under management) has successfully completed its first Total IPP Financing (TIPPF) in several countries with the goal of deploying a portfolio of more than 1.7 GW of solar PV in Southern Europe by the end of 2026.
The TIPPF includes a senior debt facility and ancillary credit facilities totaling €420 million and a Holdco financing facility of up to €260 million. The €420 million financing will enable BNZ to further develop its strategic growth plan in Southern Europe in the coming years and execute its ambitious project implementation plans.
The company has secured the senior credit facility from a group of financial institutions consisting of the European Investment Bank (EIB), ABN AMRO, Intesa Sanpaolo, NatWest, SMBC and Bankinter, who have placed their full confidence in the strength of BNZ’s strategic assets and the company’s project pipeline, with Palmer acting as agent. Holdco’s financing will be provided by funds managed by Ares Management’s Infrastructure Debt and US Direct Lending strategies, with Alter Domus acting as agent.
Advisors
Linklaters has advised BNZ with a team formed by Juan Barona (partner), Javier Hernández (counsel), Cristina Muíño Palomar (associate), and Patricia Rovira Ventín (junior associate), supported by lawyers from the Madrid, Amsterdam, Lisbon, and Milan offices
