Orrick Advises Arrangers in Refinancing of Chinese-Owned Italian Solar Developer

August.05.2016

Orrick recently advised the arrangers of a €40 million project bond issuance to refinance the Italian PV assets of TS Energy Italy, a subsidiary of China’s Zhongli Talesun.

The deal, co-arranged by the Foresight Group and IDCM, refinances a 43.3MW portfolio of 39 solar assets spread across nine Italian regions. The senior secured notes mature in 2032 and carry a semi-annual coupon of 4.2%. While is this only the latest in a series of project bond refinancings in Italy’s solar sector, it is thought to be the first to be completed without a financial intermediary.

In addition to advising the arrangers, Orrick drafted financial documents subject to Italian law and carried out due diligence for the deal.

The Orrick team was led by Carlo Montella and included Dorothy De Rubeis, Simone Lucatello, Cristina Martorana, Pina Lombardi and Celeste Mellone.