Orrick Advises Glennmont Partners on Italy's First Wind Bond Refinancing

November.06.2017

Our Italy team advised UK-based clean energy investor Glennmont Partners in the €190 million refinancing of its 245MW Societa Energie Rinnvabili (SER) Italian wind portfolio through a listed bond – a first for the Italian wind sector.

The transaction included the issuance of a hybrid facility that included a €20 million bank loan and a €170 million bond for a total amount of €190 million in favor of CEF 3 Wind Energy S.p.A., the holding company of Società Energie Rinnovabili S.p.A. (SER) who directly owns the wind plants. The fixed-rate bond is listed on the ExtraMot segment of the Italian Stock Exchange.

Natixis and Unicredit acted as structuring mandated lead arranger, bookrunner, transaction agent and financing banks for the transaction. BNP Paribas Securities Services – Milan branch served as Noteholders' Representative, Security Agent, Calculation Agent and Paying Agent.

In June 2016, we advised Glennmont in acquiring the SER portfolio from Spanish electric utility Iberdrola. It is one of Italy’s largest operating wind portfolios and includes projects in the Sicily and Apulia Regions with an overall installed capacity of 245 MW.

The Orrick team was led by Carlo Montella and included Gianrico Giannesi, Cristina Martorana, Simone Lucatello, Simonetta Formentini, Federica Piemonte and Ignazio d’Andria.