Bayerische Landesbank’s €16 Million Renfin Project Financing

Osborne Clarke has advised Bayerische Landesbank on the project financing.

Bayerische Landesbank financed a €16M facility to subsidiaries of Renfin, an international developer of run of river hydro power projects, in connection with Renfin’s operational Italian portfolio of projects.

The debt will refinance the projects and be used to release equity which will, in turn be used to fund the early stages of Renfin’s construction portfolio in the UK.

Renfin was established to create a geographically and regulatory diversified hydro portfolio in countries with suitable hydrological conditions, governmental support and growing energy needs.

BayernLB is one of Germany’s major commercial banks with a very active renewables lending business.

The transaction is Osborne Clarke in the UK’s first deal for Bayerische Landesbank and the firm’s first deal for Renfin. A cross border Osborne Clarke team worked on the deal. In the UK, the team comprised of Associate Director Michael Kruger, Partner Jakub Kubicki (Picture), Associate David Smith, Senior Associate Jasdeep Puri and Trainee Solicitor Brogan Stewart. They were supported by Partner Antje Gunther in Germany and, Partners Andrea Pinto and Antonio Fugaldi, Associate Laura Cipollone and Trainee Solicitor Alessandro Carta Mantiglia in Italy.

Renfin’s financial advisors were Newton Business Development. Ashurst acted for Renfin.

Involved fees earner: Laura Cipollone – Osborne Clarke; Antonio Fugaldi – Osborne Clarke; Antje Günther – Osborne Clarke; Jakub Kubicki – Osborne Clarke; Andrea Pinto – Osborne Clarke; Jasdeep Puri – Osborne Clarke; David Smith – Osborne Clarke; Michael Kruger – Watson Farley & Williams;

Law Firms: Osborne Clarke; Watson Farley & Williams;

Clients: Bayerische Landesbank;