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Thursday, February 22, 2024

A&O advises banks on Finerge´s €2.3bn refinancing

Allen & Overy has advised a syndicate of banks on the €2.3 billion long-term refinancing of Finerge’s portfolio of 1.6 GW of existing onshore wind and solar operations in Portugal and Spain and the development of a portfolio of circa 560 MW of new renewable projects

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The refinancing which is being provided by a syndicate of leading banks and other financial institutions, adopts an innovative variable amortization solution, designed to optimise its capital structure. The transaction, which closed on 13 December, will see Finerge’s multiple financing structures consolidated into a single platform and will also facilitate sustainable future growth for the Finerge group.

Jocelyn Land, a partner in A&O’s banking practice in London, commented: “We are proud to have advised the funders on this landmark transaction that will help facilitate Finerge’s future growth plans in the Iberian market and, ultimately, support Finerge’s wider energy transition goals. This deal demonstrates our team’s market-leading expertise on infrastructure financings in the renewables sector as with tremendous support from various teams across our network, we supported the funders in bringing this very important transaction to a successful close.”

The Allen & Overy team was led by London partners Jocelyn Land and Parya Badie as well as Madrid partner Vanessa Cuellas and Luxembourg partner Henri Wagner. The team in London was supported by senior associates Chinedu Ihenetu-Geoffrey and Robert Simmons and associates Danielle Hyde and Thomas Rawlinson. In Madrid, the team included senior associate Sofía Sanchez-Calero and associates Luis Espejo and Emilio Martínez. In Luxembourg, the team included counsel Francois Guillaume De Liedekerke and associate David Micheli.

Finerge was advised by VdA.

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