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Assisting on Alta Capital’s solar PV development platform financing

  • Global
  • United Kingdom

    21-01-2021

    Eversheds Sutherland advises on convertible mini-bond issue to support solar PV projects in Italy

    Eversheds Sutherland has advised Alta Capital Limited (Alta Capital) on a green finance transaction consisting of a secured convertible mini-bond issue to support the development of solar PV projects in Italy.

    A cross-border team from Eversheds Sutherland advised Alta Capital, an investor and developer in clean energy projects across Europe, and its subsidiary Alta Capital Servizi 1 S.p.A. (the issuer) on the issue of English law convertible mini-bonds through a suite of innovative finance and security documents specifically tailored to the energy sector. The financing will provide capital for the development of up to 840MW of solar PV projects across Italy.

    The bonds were invested in by a European debt fund, an alternative investor and asset manager backed by the European Investment Bank. The Eversheds Sutherland team provided innovative, cross-border advice.

    Eversheds Sutherland’s team in the UK included: Mark Dennison, Partner, Governments & Infrastructure; Jonathan Malim, Legal Director, Debt Capital Markets & Structured Finance; Kate Shannon, Principal Associate, Banking; and Charlie Wright, Corporate. The team worked alongside colleagues in Italy, including: Umberto Mauro, Partner, Debt Capital Markets & Structured Finance; Daniela Viaggio, Counsel, Banking and Finance; Gianluca Nemec, Principal Associate, Corporate; and Angela Costanzo, Associate, Banking and Finance.

    Stephen Hill, Partner, Energy, from Eversheds Sutherland, said:

    “We are proud to have been able to work with Alta Capital on this innovative early stage development financing of Alta Capital’s solar PV portfolio.  This is an important step in Alta Capital’s solar PV platform strategy.  We are looking forward to working with Alta Capital on the next phase of its development strategy.”

    Jonathan Malim, said:

    “This innovative green financing highlights the joint capabilities of our dedicated UK and Italian debt capital markets teams, working together with our specialist clean energy finance colleagues, to really deliver bespoke solutions for clients like Alta Capital involved in this type of complex and cross-border transaction.”

    Lawrence Buckley of Alta Capital, said:

    “Alta Capital are excited by the opportunity this development financing presents both for our participation in the creation of Italy’s solar PV infrastructure, and the continued strategic growth of Alta. Working with dedicated partners such as Eversheds Sutherland has helped us secure innovative financing that best suits our aims of continued autonomy and long-term market participation.”

    Stephen Hill, Partner
    Jonathan Malim, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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