Grupo T-Solar Global and Italian SPV refinance construction costs of eight photovoltaic plants located in Puglia Region, Italy

Client(s) Grupo T-Solar Global, S.A.

Jones Day advised Grupo T-Solar Global, as sponsor, and the Italian SPV, as borrower, in connection with the €25.5 million (US$33.5 million) refinancing of the construction costs of eight photovoltaic plants with a total generating capacity of 7.22 MW located in Puglia Region, Italy, in the context of the reorganization of the entire group's projects portfolio. The transaction included: advice in the negotiation and finalization of the credit agreement and the related security package, including first ranking mortgages over surface rights for the construction of the plants; pledge over the SPV quota capital; special lien (privilegio speciale) over certain SPV's assets; pledge over projects' bank accounts; assignment by way of security of the receivables under the feed-in tariffs agreement; the agreements with the relevant municipalities and certain project contracts such as EPC and O&M contracts, and an equity contribution agreement; and in the coordination of Italian and Spanish jurisdictions in the context of certain extraordinary corporate transactions connected with the reorganization of the group and its projects portfolio