WFW and Ashurst in Santander’s financing of Trina Solar to expand itsportfolio of renewable projects in Europe
Watson Farley & Williams and Ashurst have advised Banco Santander and Trina Solar Group, respectively, on a long-term multi-tranche financing through Santander’s Milan branch to accelerate the growth of Trinasolar International Systems Business Unit (ISBU) – the Group’s downstream division focused on the development of commercial-scale solar and energy storage projects – and support its transition from pure developer to independent power producer (IPP).
The transaction is structured around a framework agreement comprising a corporate revolving credit facility secured by a parent company guarantee (“PCG”) and a non-recourse revolving credit facility with a project finance and guarantee structure. This dual tranche structure will contribute to the development, construction and operation of solar projects by Trina Solar ISBU mainly in Italy, Spain, UK, France and Germany, with a portion of the funds earmarked for hybrid solar and battery independent storage projects to strengthen and accelerate the transition of the business model from developer to Independent Power Producer (“IPP”), taking ownership of the projects and operating them on a long-term basis.
Trina Solar is one of the world’s leading producers of photovoltaic modules, storage batteries, trackers and smart energy solutions. Part of its business includes the development, financing, design, design, construction and management or operation of solar PV and battery storage projects, led by its subsidiary Trina Solar ISBU.
Santander CIB supports corporate and institutional clients worldwide, providing them with tailored services and value-added wholesale products appropriate to their complexity and sophistication. It also adheres to responsible banking standards that contribute to the progress of society.
Advisors
The multi-jurisdictional WFW team that advised Banco Santander was led by Madrid Finance partner Rodrigo Berasategui, working closely with senior associate Antonio Cáneva and associates Antón Ramil and María Heredero. They were supported in London by Projects partner Katherine Best and associate Esteira Hiwaizi. Italian law advice was provided by Banking and Finance partner Mario D’Ovidio, counsel Matteo Trabacchin and associate Daniele Sani, and by Tax Senior associate Alfredo Guacci Esposito and associate Marianna Telesca.
Ashurst advised Trina Solar Group with a multi-jurisdictional team led from Italy by partners Annamaria Pinzuti and Umberto Antonelli, supported by associate Alessandra Fanelli, partner Michele Milanese and associate Federico Nobili for tax aspects. For Spain, a team composed of partner Jose Christian Bertram, attorney Aitor Errasti and associate Javier Altemir acted for the Spanish law aspects. The PRC team consisted of partners Jean-Louis Neves Mandelli and Chin Chuan Chen, counsel Yolanda Liu and Zhibin Fan, senior associate Daphane Soh and associate Yeqi Fei. For Luxembourg, a team comprising partners Fabien Debroise and Isabelle Lentz, counsel Paul Witte and associate Anna Kozakiewicz handled Luxembourg law aspects. A team comprising partner Katie Williams and senior associate Alice Rosenshaw handled the UK legal aspects.
