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13 June 2017

Financing agreement for Swisspower hydroelectric plants

L&B Partners S.p.A. in the financing of Euro 58,0 Mln for the acquisition of 17 hydroelectric power plants owned by the group Swisspower Renewable AG

In the 13th of June 2017, Swisspower Renewable AG group, through the company Idrovacchelli S.r.l., as a borrower, and 5 subsidiaries as a guarantor, entered into a financing agreement amounting to Euro 58.000.000 with Banca IMI S.p.A. (as Mandated Lead Arranger, Bookrunner and Facility Agent) and Intesa Sanpaolo S.p.A. (as a lender and depository bank), in relation to 17 hydroelectric power plants located in Veneto, Lombardia, Emilia Romagna and Piemonte, for a total installed capacity equal to 26,15 MW and an annual estimated production equal to 109,3 GWh. The purpose of the financing has been the optimization of the financial structure of the hydroelectric portfolio of Swisspower Renewables and it has provided to the group additional financial resources to pursue its growth plan and the implementation of new investments in the renewable energy sector in Italy.

Swisspower Renewables group has been assisted, for the financing structuring, negotiation and implementation of the legal documentation, by L&B Studio Legale with the team composed by the partner Michele Di Terlizzi, assisted by Giulia Paternostro, Vincenzo Telera, Giuseppe Candela and Paolo Pisani and by Paul Hastings with the team composed by the partners Lorenzo Parola and Marc-Alexandre Courtejoie, assisted by Gabriella Abbattista, Teresa Arnoni, Andrea Coluzzi and Karen Stretch. L&B Partners S.p.A. has assisted Swisspower Renewables gorup as financial and transaction advisor with the team composed by the partner Rocco Giorgio, assisted by Stefano Galbusera and Luca Marniga.

The legal firm Legance assisted Banca IMI S.p.A. and Intesa Sanpaolo S.p.A. for the activities of drafting, negotiation and performing of the legal documentation with the team composed by the partner Monica Colombera, assisted by Simone Ambrogi and Stefania Serena Monghini. Banca IMI S.p.A. and Intesa Sanpaolo S.p.A. have been assisted, for the technical due diligence, by the firm Zollet Ingegneria with the team composed by the engineers Vittorio Zollet and Nicola D’Este, for the tax due diligence by KPMG with the partner Giacomo Perrone and Silvio Falcone and for the insurance due diligence by the advisor Aon.