DLA Piper advises Commerzbank on project financing of a photovoltaic plant in Montalto di Castro

DLA Piper has advised Commerzbank Aktiengesellschaft on a project financing for the construction and development of a 42.08 MW photovoltaic plant in the Italian municipality of Montalto di Castro. The borrower is the special purpose vehicle Montalto di Castro S.p.A., which belongs to the international energy transition company CCE Holding.

The financing was structured as non-recourse financing and includes all the typical structural elements of project financing in order to enable refinancing after completion of the construction phase. The project is secured by a ten-year power purchase agreement (PPA) with BKW Energie AG. With this financing, the project will make a significant contribution to renewable energies and the energy transition in Europe.

DLA Piper advised with an international and cross-practice group team led by partners Dr Wolfram Distler (Finance, Frankfurt) and Giovanni Ragnoni Bosco Lucarelli (Finance, Rome).

From Rome, legal director Gianfranco Giorgio, lawyer Francesco Chericoni and trainee lawyer Camilla Corradini advised on the financing. Partner Germana Cassar (Milan) supported on regulatory issues in the context of the due diligence and partner Andrea Di Dio (Rome) on the tax aspects.

The core team in Germany included counsels Kais Torchani and Patrick Reuter (both Finance, Frankfurt). From Vienna, partner Andreas Gunst (Energy/Finance) advised.