Hogan Lovells Advises on First PPP Financing in Italy in the Photovoltaic Sector

MILAN AND ROME, 3 August 2011 - Hogan Lovells has advised the borrower, Toto SPA Group, an Italian company and leader in the construction sector, on the first Italian project financing of a PPP project in the renewables field.
As part of the deal, Monteboli S.p.A., a project company belonging to the Toto S.p.A. Group obtained a loan of approximately Euro 75 million, in cash and in guarantee facilities, in its capacity as agent, pursuant to an agreement entered into with the Municipality of Salerno relating to the construction and operation of a photovoltaic park of a capacity of about 24 MW, located in the Municipality of Eboli (Salerno).
It is the first deal of this kind to be financed using project financing in Italy, where the public private partnership structure, usually used for infrastructure financing, has now been put to use to finance a renewables project.
The sponsor was advised by Hogan Lovells, with Of Counsel Carlo Massini and a team comprised of Simone Cucurachi and Mattia Casarosa advising on the project contracts, while administrative issues were handled by senior associate Francesca Covone and due diligence by associates Emanuela Cocco and Giusj Simone.  Partner Fulvia Astolfi, Of Counsel Serena Pietrosanti and associate Giuseppe Lagrutta advised on tax issues, while Philip Boys worked on matters relating to the hedging contracts.
This innovative matter follows work we have done in the past for Toto SpA, assisted by Gianluca Belotti in EU and competition matters.
The lenders’ pool, consisting of MPS Capital Services Banca per le Imprese S.p.A., UniCredit S.p.A. and ING Bank N.V., was advised by Legance, with senior counsel Rosella Antonucci and a team comprised of senior associate Giovanni Scirocco and associates Fabio Piazza and Antonio Gerlini for matters relating to due diligence and the structuring of the financial and project documents. The administrative law issues were handled by partner Filippo Pacciani and senior associates Ivano Saltarelli and Ada Esposito, while partner Claudia Gregori and senior associate Giulia Cipollini advised on tax aspects, and senior associate Antonio Siciliano on issues relating to hedging agreements.
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