Carlo Montella is a partner at Orrick and global Deputy Business Unit Leader of the Energy and Infrastructure practice. He is a transactional lawyer with extensive experience in project development, asset acquisitions and financings in the energy and infrastructure sectors.

Carlo is recognized both nationally and globally among the highest level energy lawyers by Chambers, Legal 500 and the most respected national legal tables which report that ”he knows the market and the dynamics of a transaction very well. He knows the business so he can mix legal and commercial advice” and that clients describe him as “very smart and with extensive industry knowledge”. Carlo leads a team that has been recognized as to deliver excellence in every phase of a project and has been named Energy Law Firm of the year in Italy at the Legalcommunity Energy Awards 2018.

Carlo has strong expertise and consolidated background in assisting international sponsors, multinational energy companies, large private equity funds, project developers, borrowers and debt issuers, investment banks and other capital providers and investors who value his contribution thanks to his vast experience, practical know how and willingness to go the extra mile for his client.

Carlo regularly advises on energy sectors mergers, acquisitions, joint ventures, development, structuring and financing of large-scale energy and infrastructure projects, both in Italy and internationally (including UK and Eastern European countries).

Carlo has a significant experience in the electric power sector, wind, solar, biomass, geothermal and other renewable energy projects and has also represented clients in transactions involving electric power and natural gas transmission.

Carlo has advised clients on the most large-scale, complex and high profile energy transactions in the Italian market and his clients are among the most active energy developers and investors in the market.
  • Recent representative transactions include advising the following.

    iCON Infrastructure, in the acquisition from EGEA S.p.A. of a 49% stake into two holding companies owning gas distribution and district heating businesses in Northern Italy, and in the negotiation of the related shareholders agreements;

    iCON Infrastructure Partners IV, L.P., a new fund launched by iCON Infrastructure, in the acquisition of a majority interest in Eco Eridania S.p.A., an Italian integrated waste collection, transportation, treatment and disposal business leader in the sanitary and industrial waste sector, from Xenon Private Equity V L.P , and from CEO Andrea Giustini’s family holding company Roccaforte S.r.l. ;

    UniCredit S.p.A., as Sole Structuring MLA, Lender, Hedging Counterparty, Transaction Agent and Account Bank, and two institutional investors, as underwriters, in the Euro 87 million refinancing of the portfolio of 40 photovoltaic plants owned by Sungem Holding Italy S.p.A. through 10 SPVs. The complex financing transaction comprises of a project finance loan and a bond;

    A pool of banks composed by Banca Imi SpA, Unicredit Spa, ING Bank N.V. and Ubi Banca SpA in the refinancing of the 90MW wind portfolio of Whysol Investment I S.p.A.;

    VEI Green, in the sale to ERG of a 90MW portfolio of operational PV assets in Italy with an enterprise value in excess of Euro 330 million;

    VEI Green (controlled by VEI Capital) and Foresight Group, in a corporate reorganization aimed at consolidating the respective PV portfolios (approx. 90 MW) into the joint venture vehicle ForVEI, thereby optimizing the returns from existing assets (also through a €180 million limited recourse facilities granted by UBI Banca S.p.A., Banca IMI S.p.A., UniCredit S.p.A. and Mediocredito Italiano) and creating a platform for subsequent investments in PV assets;

    Glennmont Partners (formerly BNP Paribas Clean Energy Partners) in:

    • the first project bond on a wind portfolio in Italy. The Euro 190 million refinancing of the 245MW Italian wind portfolio included the issuance of a hybrid facility comprised of a €20 million bank loan and a Euro 170 million bond issued by CEF 3 Wind Energy S.p.A. The unrated bond consists of a single fixed rate tranche and is listed on the Italian ExtraMotpro segment with national and international institutional investors;
    • the Euro 416 million acquisition of the above mentioned 245 MW wind projects portfolio from Spanish electric utility Iberdrola;
    • the acquisition of a 60 MW wind project in Italy, as well as drafting and negotiation of the sale and purchase agreement, the turbines supply agreement, the balance of plant agreement, and the operation and maintenance agreement;
    • the obtainment of a Euro 87.9 million project financing granted by a pool of banks which included ING Bank N.V., UniCredit S.p.A. and Siemens Bank Gmbh for construction and operation of the above mentioned 60 MW wind project;
    • the acquisition of a 10 MW wind farm in Italy from Iberdrola;

    Natixis and BNP Paribas acting also as Structuring Mandated Lead Arrangers and Bookrunners, UBI Banca and Siemens Bank, as lenders, and SCOR Global Investments SE and La Banque Postale Asset Management as underwriters in the Euro 197 million refinancing of a 66.3MW portfolio of 27 photovoltaic plants owned by Sonnedix, an Independent Solar Power Producer. The complex financing transaction comprises of a Euro 102 million loan and a Euro 95 million project bond, maturing in February 2030

    IDCM Limited and Foresight Group LLP as arrangers in the 40 million Euro bond issued by TS Energy Italy, Italian company controlled by the Zhongli Talesun Solar Group. The 4.2% maturity 2032 senior secured notes are listed on the ExtraMOT PRO segment of Borsa Italiana;

    Canadian Solar, in the drafting and negotiation of the transaction documents for the acquisition and the construction of 12 MW solar projects in Namibia;

    Canadian Solar Inc., in the acquisition, construction and financing of a large portfolio of PV plants in the UK;

    Sonnedix, in the acquisition of a portfolio of PV plants in Italy having an aggregate installed capacity in excess of 20MW;

    Orizzonte SGR, in the acquisition of about 49% share capital in Anapo Gas and Ebgas from certain companies belonging to Consorzio tra Cooperative di Produzione e Lavoro. The two companies are natural gas suppliers in the Liguria and Sicilia regions;

    Orizzonte and Fondaco, in the structuring, negotiation and completion of an acquisition of the 49 percent shareholding in a newco holding concessions for gas distribution in Italy and Romania

    Equinox Energy Capital, in the acquisition of various solar projects in the UK for a total capacity of around 85 MW, and in the negotiation of the relevant EPC contracts, O&M contracts, and related subcontracts;

    European Energy, in the acquisition of a 20MW wind project in Italy and in the negotiation and drafting of the sale and purchase agreement, the turbines supply agreement, the balance of plant agreement, and the construction management agreement;

    European Energy A/S, Danish investment company, in the acquisition of a wind project in the south of Italy

    Trading Emissions Plc, in the sale to Sonnedix of several companies owning approx. 16 MW of solar plants in Italy;

    KGAL, in the acquisition of a company owning 4 hydroelectric plants in Northern Italy.

    Ardian, in the acquisition from PLC Group of 80% of the share capital of Tolve Windfarms Holding S.r.l., holding company that controls 3 SPVs owning 3 wind power plants located in the Tolve Municipality for a total capacity of 37.2 MW

Insights

Events

News