Global law firm White & Case LLP has advised a German institutional investor on the secured €110 million merchant financing for construction and operation of the 198 MW solar portfolio of Ellomay Capital in Italy.
Ellomay Capital Ltd. is an Israeli company operating in the renewable energy sector, listed on the New York Stock Exchange and Tel Aviv Stock Exchange. Since 2009 it has been developing and managing renewable energy projects in Europe, the United States and Israel.
The financing will be fully provided through senior secured bonds issued in multiple tranches during the construction phase by a subsidiary of Ellomay Luxembourg. This multi-tranche structure has been designed to enable an optimized and gradual financing aligned with the progress of the construction works. The funds raised from the bond issuance will be on-lent and utilized by each project within the portfolio according to their respective financial needs. The financing is secured by a project finance security package and cross-stream guarantees granted by each of the seven portfolio projects. Financial close is expected in the first half of 2025.
The White & Case team that advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partner Stefano Bellani (Milan), local partners Matthias Grigoleit, Roland Arlt (both Hamburg) and Pietro Magnaghi (Milan) and associates Robert Bente (Hamburg) and Alessia Sommadossi (Milan).
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Read the orginal article: https://www.whitecase.com/news/press-release/white-case-advises-german-institutional-investor-eu110-million-merchant
