Platina Energy Partners has recently revealed that it has secured refinancing for its wind and solar projects located in the UK and Southern Italy respectively.
More specifically, Platina has secured £28 million (US$40 million) of new funding in order to refinance their 28 MW Danu II wind farm portfolio, consisting of two operational 14 MW on-shore wind farms in the UK, both constructed in 2009.
Platina refinanced the existing bank debt with long-term floating rate debt from institutional investors via mandates managed by IFM Investors along with Lloyds Bank and a US bank.
The refinancing increased the gearing and the maturity of project senior debt, with the new debt maturity exceeding that of the underlying power offtake and operating and management agreements.
TradeRisks and Orrick, Herrington & Sutcliffe advised the borrower in the operation while Norton Rose Fulbright, DNV GL, BDO, E&Y and Jardine Lloyd Thompson JLT advised the lenders. Shepherd and Wedderburn acted as Scottish counsel.
Additionally, Platina, the independent European investment firm focusing on renewable energy, has secured €50 million (US$56.4 million) non-recourse long term financing with ING Bank N.V. (Milan Branch) in order to refinance their 20 MW photovoltaic portfolio, consisting of four operational projects built in 2011 in Southern Italy.
This refinancing reduces the cost of funding with respect to the old debt raised between 2011/2012, optimizes the financing structure of the portfolio, increases marginally the gearing and improves materially the cash flows arising from the solar assets.
Gianni Origoni Grippo & Partners advised the borrowers in this operation and BonelliErede, Fichtner and BDO advised the lenders.