Evergreen Legal advises Alantra Solar on €228m refinancing
Evergreen Legal has advised Alantra Solar on a €228 million refinancing of a portfolio of photovoltaic plants in Spain and Italy. The financing was granted by MUFG Bank (Europe) N.V., acting as mandated lead arranger, underwriter, bookrunner, agent and green loan coordinator.
The transaction relates to a portfolio of six photovoltaic plants with a total installed capacity of approximately 248 MWp. Two of the projects are located in Murcia, Spain (Moratalla I and Moratalla II), while the remaining four solar plants are located in Italy.
Legal advisors on the solar refinancing
From a legal perspective, DLA Piper advised the lenders involved in the financing, representing Mitsubishi UFJ Financial Group (MUFG), the Japanese banking holding and financial services group, on the refinancing.
The transaction was structured as a long-term multi-borrower financing facility with cross-collateral guarantees in favour of two subsidiaries of N-Sun Energy, one of Europe’s leading solar development platforms managed by Alantra Solar.
The refinancing supports the development of a diverse mix of photovoltaic and agrivoltaic projects that benefit from long-term power purchase agreements (PPAs) and regulatory incentive frameworks, including the FERX tariff regime and advanced agrivoltaic incentives.
The multidisciplinary and multi-jurisdictional team at DLA Piper was led by partner Giovanni Ragnoni Bosco Lucarelli (Finance) and included partners Germana Cassar (Litigation and Regulatory) and Vincenzo La Malfa (Finance), senior associate Francesco Chericoni (Finance), and associates Camilla Corradini (Finance) and Angela Angiò (Finance). The team also included legal director Chiara Colamonico (Litigation and Regulatory) and associates Josilda Pelani and Luca Paron (Litigation and Regulatory) on due diligence matters.
The Spanish aspects of the transaction were led by Jesús Zapata, managing partner of DLA Piper’s Madrid office (Finance), supported by partners José María Barrios (Litigation and Regulatory) and Pablo Echenique (Corporate), senior associates Felipe López (Finance) and Pablo Gamboa (Real Estate), and associates Angel Ansorena (Finance), Carlos Tobias (Corporate), Mateo Soler (Litigation and Regulatory) and María Velasco (Litigation and Regulatory).
On the sponsor side, Evergreen Legal advised Alantra Solar on the €228m solar refinancing in Spain with a team from its Banking & Finance practice led by partner Yurena Medina, supported by associate Ane Fernández de Matauco Zornoza.
The Spanish firm worked in coordination with Italian law firm BSVA – Studio Legale Associato, whose team was led by partner Marco Lantelme, reflecting the cross-border nature of the transaction.
The €228m refinancing strengthens the financial structure of the photovoltaic portfolio as the projects progress towards full operation and supports the long-term development strategy of Alantra Solar in the European renewable energy market.
