White & Case Advised German Institutional Investor On €110 Million Merchant Financing For Italian Solar Portfolio

White & Case advised German institutional investor on €110 million merchant financing for Italian solar portfolio

White & Case LLP advised a German institutional investor on the €110 million secured merchant financing for the construction and operation of a 198 MW solar portfolio developed by Ellomay Capital in Italy.

Ellomay Capital Ltd., listed on the New York Stock Exchange and Tel Aviv Stock Exchange, is an Israeli company that has been active in the renewable energy sector since 2009, with projects across Europe, the US, and Israel.

The financing is structured through senior secured bonds issued in multiple tranches during the construction phase by a subsidiary of Ellomay Luxembourg. This innovative multi-tranche structure allows gradual and optimized financing in sync with construction progress. The proceeds will be on-lent and utilized by each project according to its individual financial requirements.

The transaction includes a comprehensive project finance security package and cross-stream guarantees provided by all seven projects within the portfolio. Financial close is anticipated in the first half of 2025.

The White & Case team was led by Florian Degenhardt (Partner, Hamburg), along with Stefano Bellani (Partner, Milan), and supported by Matthias Grigoleit (Local Partner, Hamburg), Dr. Roland Arlt (Local Partner, Hamburg), Pietro Magnaghi (Local Partner, Milan), Robert Bente (Associate, Hamburg), and Alessia Sommadossi (Associate, Milan).

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