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Saturday, December 3, 2022
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Linklaters, Clifford advise on Northland Power’s €688m debt refinancing

Linklaters has advised Caixabank on one of the biggest deals of the year in which Canada's Northland Power, counselled by Clifford Chance, has been granted a €688 million loan, which can be extended

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Northland Power has raised €690 million in non-recourse debt refinancing for onshore wind and solar assets in Spain. The portfolio comprises 33 assets covering onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW), operating under the feed-in-tariff regime. The projects were acquired from Helia Renovables, a renewables platform created by Spain-based investors Plenium Partners and Bankinter.

The new senior financing replaced the existing senior debt structure for each separate special purpose vehicle (SPV) with a single holding level financing. The transaction benefited from the portfolio’s technological diversity and allowed for an adjustment to the debt repayment profile. The adjustment accounts for the currently high electricity prices in Spain and will improve cash distributions from the portfolio. The financing was closed on November 3, 2022.

Linklaters’ team advising Caixabank on this matter was led by partner Juan Barona, along with senior manager Javier Hernández, and counted on the support of lawyers Jaime Pelegrí, Patricia Rovira, and Diego Delgado.

Eugenio Fernández-Rico (left) and José Luis Zamarro (right)

Clifford Chance advised Northland Power on refinancing project debt with a team led by Global Financial Markets partner Eugenio Fernández-Rico, with the support of associate Enrique Pais from the same practice, and Regulatory partner José Luis Zamarro, with the support of associate Alba Sande from the same practice.

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