Glennmont Partners successfully completed the refinancing of SER, one of Italy’s largest operating wind portfolios, for €190 million ($220 million).
The transaction is Italy’s first bond ever in the wind sector and is part of Glennmont’s ongoing activities to realize additional value from its operational assets. It follows last month’s successful refinancing of Glennmont’s Sleaford biomass plant in the UK for £150 million ($196 million).
The SER portfolio is made up of 231 wind turbines across Sicily and Puglia, all of which entered into operation between 2009 and 2012. The portfolio was acquired in June 2016. The refinancing has replaced part of the original project finance debt, from nine financing banks, with one bond listed in the ExtraMOT segment of Borsa Italiana, provided by certain investors managed and represented by a large financial institution.
The refinancing was successfully arranged by Natixis and Unicredit acting as structuring lead arrangers and bookrunners which also provided a liquidity facility. DNV GL acted as the technical adviser, PwC as the tax adviser, and both Orrick Herrington & Sutcliffe and Gianni, Origoni, Grippo, Cappelli & Partners who provided legal advice to the borrower and lenders respectively.
Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure.