Hogan Lovells advises Berenberg Green Energy Junior Debt Funds on the financing of solar parks in Italy and Chile
Led by partner and Head of the German Finance Practice Dr. Carla Luh, international law firm Hogan Lovells has advised the Berenberg Green Energy Junior Debt Funds on the financing of two solar parks in Italy and Chile for CCE Holding.
Longstanding client of the firm Berenberg and international photovoltaic expert CCE Holding have started their cooperation with two successful transactions at once. The Berenberg Green Energy Junior Debt Funds have provided mezzanine financing in relation to the acquisition and construction of the Italian solar park "Montalto di Castro", as well as the acquisition of the operational Chilean solar park "La Huella". Berenberg acted as investment advisor to the fund.
The solar park Montalto di Castro is located in the Lazio region of Italy. Construction of the project, which is divided into two sub-parks, is scheduled to start in the first quarter of 2022 and the project will be completed by mid-2023. The operational La Huella solar park is located in the Atacama Desert in Chile. The photovoltaic power plant was developed and constructed by the shareholders of CCE Holding. The construction phase of this landmark project was fully financed by the Ärzteversorgung Thüringen. The acquisitions of Montalto di Castro and La Huella are the first investments for CCE Holding in a large project pipeline in Chile and Italy.
Hogan Lovells advised on all aspects of the mezzanine financing. As a portfolio financing, the finance documentation was bespoke and highly complex. Due to the number of jurisdictions involved (Germany, Austria, Italy, Chile), there was significant collaboration with all local legal teams to reach Financial Close.
Carla Luh, lead partner at Hogan Lovells, has commented:
"We are pleased to have successfully advised Berenberg across our German and Italian offices on this landmark financing in Latin America as a new region, which further cements Berenberg’s footprint in the international renewables sector and showcases our ability to bring complex cross-border deals to Financial Close."
Team for Berenberg
Dr. Carla Luh (Partner), Marco Weibrecht (Senior Associate), Amy Bruland (Associate) (all Finance, Hamburg and Frankfurt)
Carlo Massini (Partner), Marco Gasparrini (Associate), Giulia Geraci (Trainee), Laura Leonelli (Trainee) (all Finance, Milan)
Grama Schwaighofer Vondrak Rechtsanwälte (Vienna)
Dr. Wolfgang Freund, Gregor Biley
PPU (Santiago de Chile)
Marcela Silva, Mario Fava, Pedro Pablo Valenzuela