EF Kosmos’s €1.02 Billion Refinancing

Ashurst has advised a consortium of banks as lenders on the second phase of the refinancing of EF Kosmos, completed in April last year with a value of €1.02 billion, the largest project financing in the photovoltaic sector in Europe.

The disbursement of the second tranche of the loan has allowed the company, owned by F2i infrastructure fund, to refinance an additional group of 17 photovoltaic projects for a total capacity of approximately 94 MW, thus pursuing the process of optimizing the portfolio and rationalizing the corporate structure of the group.

Banca IMI, BNP Paribas Italian Branch, Crédit Agricole Corporate and Investment Bank – Milan Branch, ING Bank – Milan Branch and Cassa Depositi e Prestiti acted as Lender, Mandated Lead Arranger, and Bookrunner and UniCredit S.p.A. acted as Agent, while Intesa SanPaolo, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank and UniCredit S.p.A. acted as Hedging Banks on the deal.

The Ashurst team was led by Partner Carloandrea Meacci and comprising partners Umberto Antonelli and Elena Giuffrè (administrative law), assisted by counsel Fabio Balza (tax), senior associate Federica Periale, associates Nicola Toscano and Paolo Gallarà and trainees Ilaria Rosa and Fabrizio Bergo.

BonelliErede advised EF Kosmos with a team led by partner Catia Tomasetti, assisted by partners Gabriele Malgeri and Silvia Romanelli, associates Giovanna Salatino (administrative law), Daniela De Palma and Maria Gabriella Perrotta, and also Lisa Borelli, Alberto Gea and Isidoro Pietro Livia.

Involved fees earner: Umberto Antonelli – Ashurst; Fabio Balza – Ashurst; Fabrizio Bergo – Ashurst; Paolo Gallarà – Ashurst; Elena Giuffrè – Ashurst; Carloandrea Meacci – Ashurst; Federica Periale – Ashurst; Ilaria Rosa – Ashurst; Nicola Toscano – Ashurst; Lisa Borelli – BonelliErede; Daniela De Palma – BonelliErede; Alberto Gea – BonelliErede; Isidoro Pietro Livia – BonelliErede; Gabriele Malgeri – BonelliErede; Maria Gabriella Perrotta – BonelliErede; Silvia Romanelli – BonelliErede; Giovanna Salatino – BonelliErede; Catia Tomasetti – BonelliErede;

Law Firms: Ashurst; BonelliErede;

Clients: Banca IMI; Bnp Paribas Italian Branch; Cassa Depositi e Prestiti (CDP); Crédit Agricole Corporate and Investment Bank; EF Kosmos; ING Bank; Intesa Sanpaolo S.p.A.; Unicredit S.p.A.;