Elcano’s €300 Million Project Refinancing

Watson Farley & Williams has advised Société Générale, Groupe Crédit Agricole (including CACIB, Unifergie and Crédit Agricole Aquitaine) and Bpifrance on the €300m refinancing of Elcano.

The financing was for a portfolio comprising 11 wind farms and two photovoltaic plants located in France with a total installed capacity of 165 MW, all owned by French IPP Valorem.

Closed successfully in a record time frame during ongoing the Covid-19 pandemic, this refinancing brings optimisation and financial security for Valorem, a leading independent power producer with a 641 MW portfolio of operational assets.

The WFW Paris team that advised the Lenders on the due diligence and the project aspects of this refinancing was led by Regulatory Partner Laurent Battoue (Picture), assisted by Partner Thomas Rabain, and Associates Pierre Thévenin-Montefiore and Adrien Launay on the corporate aspects. He was also assisted by Senior Associate Antoine Bois-Minot and Associates Simon Dumontel, Michaël Haddak as well as Anthony Pilon on the regulatory aspects. The team also worked closely with Associates Catherine Masquelet and Gautier Dupuy on real estate aspects and with Associate Marine Yzquierdo on project contracts.

Involved fees earner: Laurent Battoue – Watson Farley & Williams; Antoine Bois-Minot – Watson Farley & Williams; Simon Dumontel – Watson Farley & Williams; Gautier Dupuy – Watson Farley & Williams; Michaël Haddak – Watson Farley & Williams; Adrien Launay – Watson Farley & Williams; Catherine Masquelet – Watson Farley & Williams; Anthony Pilon – Watson Farley & Williams; Thomas Rabain – Watson Farley & Williams; Pierre Thévenin-Montefiore – Watson Farley & Williams; Marine Yzquierdo – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Bpifrance; Crédit Agricole Aquitaine Expansion; Crédit Agricole Corporate and Investment Bank; Société Générale; Unifergie;