WFW advises banking syndicate on €58m French solar portfolio refinancing

International law firm Watson Farley & Williams (WFW) advised a syndicate of French banks on the €58 million (US$64.8 million) refinancing of a portfolio of 14 French ground and roof-based solar plants. 

The French banks are Bpifrance Financement (as lender, security agent and co-arranger), Natixis Energéco (as lender, agent and co-arranger) and Banque Palatine, a full branch subsidiary of the mutual group BPCE (as lender, hedge bank and account bank).

The projects which are located in mainland France and Martinique were developed by Eneryo, a company in the Novenergia Group, and have a combined output capacity of 15.8 MW. As they are operated by six SPVs which were originally financed by means of bank loans and equity, the refinancing of the portfolio took place at parent company level.

Eneryo was advised by a team from Kalliopé comprising Rodolphe Cavroy, Damien Le Mouël and Virginie Harmann.