Watson Farley & Williams (“WFW”) advised French banks Crédit Agricole Transitions & Energies and Bpifrance on the €22m financing for the construction by French IPP Smart Energies of about 20 rooftop and ground-mounted solar photovoltaic plants with a total capacity of 21.6 MW located in Italy.
Still dependent on gas for the production of its electricity, Italy will benefit for the next 30 to 35 years from these power stations whose annual production will be equivalent to the annual electricity consumption of more than 5,600 people and a reduction of 8,300 tonnes of CO2. These projects are part of Smart Energies’ strategy of stepping up investment and consolidating its position as a key player in Italy.
A subsidiary of the Crédit Agricole Group, Crédit Agricole Transitions & Énergies supports the financing of the environmental transition. Crédit Agricole Transitions & Énergies counts 60 employees and offers services to individuals, professionals, businesses, farmers and local authorities.
Bpifrance is a French public bank supporting companies on their energy transition via the financing of innovative projects. In 2023, it invested €22bn+ internationally, guaranteed €8.6bn+ loans to over 63,000 companies and granted €9.4bn+ to innovative projects.
Founded in 2012, Smart Energies specialises in the development, financing, construction and operation of solar projects across Europe, with a turnover of over €40m by 2023. The group owns and operates over 500 solar sites in France, Italy and Greece, with 160 MW operational or under construction.
The cross border and multidisciplinary WFW team that advised Crédit Agricole Transitions & Energies and Bpifrance was led by Paris Finance Partner Laurence Martinez-Bellet, supported by Associates Sophie Rivallain, Caitlin Jenkins and Simon Allain. Counsels Antoine Bois-Minot and Hélène Ibos, respectively advised on regulatory and public law and tax matters. Milan Partner Mario D’Ovidio, assisted by Counsel Matteo Trabacchin and Associates Daniele Sani and Marta Lomuscio advised on the finance aspects. Rome Partner Tiziana Manenti, working alongside Associates Antimo Rocco Nersita and Marco Iannotti advised on corporate and regulatory matters. Tax expertise was provided by Milan Senior Associate Alfredo Guacci Esposito and Associate Marianna Telesca and Dispute and Resolution expertise by Rome Senior Associate Giuseppe Salsarulo.
