International legal practice Osborne Clarke has advised Bayerische Landesbank (BayernLB) on a €16M project finance facility to subsidiaries of Renfin, an international developer of run of river hydro power projects, in connection with Renfin's operational Italian portfolio of projects.
The debt will refinance the projects and be used to release equity which will, in turn be used to fund the early stages of Renfin's construction portfolio in the UK.
Renfin was established to create a geographically and regulatory diversified hydro portfolio in countries with suitable hydrological conditions, governmental support and growing energy needs.
BayernLB is one of Germany's major commercial banks with a very active renewables lending business.
The transaction is Osborne Clarke in the UK's first deal for Bayerische Landesbank and the firm's first deal for Renfin. A cross border Osborne Clarke team worked on the deal. In the UK the team comprised Associate Director Michael Kruger, Partner Jakub Kubicki, Associate David Smith, Senior Associate Jasdeep Puri and Trainee Solicitor Brogan Stewart. They were supported by Partner Antje Gunther in Germany and, Partners Andrea Pinto and Antonio Fugaldi, Associate Laura Cipollone and Trainee Solicitor Alessandro Carta Mantiglia in Italy.
Renfin's financial advisors were NEWTON Business Development, a member of Pandion Partners. Ashurst acted for Renfin.
Osborne Clarke has an established and well-respected position as one of the leading international law firms advising on renewable energy projects and transactions. For over 20 years it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. The combination of the team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.