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Watson Farley & Williams (“WFW”) advised Banco Santander, S.A. (“Banco Santander”) on a financing granted through its Italian subsidiary, Banco Santander, S.A., Milan Branch, to Trina Solar ISBU (International Systems Business Unit) (“Trina Solar ISBU”) a subsidiary of Trina Solar Group Co., Ltd. (“Trina Solar”), for the acquisition, construction and development of a pipeline of renewable projects located primarily in Italy, Spain, the UK, Germany and France.
The transaction is structured around a framework agreement comprising both a corporate revolving credit facility secured by a parent company guarantee (“PCG”) and a non-recourse revolving credit facility with a project finance structure and collateral. This dual tranche structure will contribute to the development, construction and operation of solar projects by Trina Solar ISBU primarily in Italy, Spain, the UK, France and Germany, with a portion of the funds earmarked for solar hybrid and independent battery storage projects to strengthen and accelerate the transition of the business model from a developer to an Independent Power Producer (“IPP”) by taking over the projects and operating them on a long-term basis.
Trina Solar is a leading global producer of photovoltaic modules, storage batteries, trackers and smart energy solutions. Part of its business includes the development, financing, design, construction, and management or operation of solar PV and battery storage projects led by its subsidiary Trina Solar ISBU.
Santander CIB supports corporate and institutional clients worldwide, providing them with tailored services and value-added wholesale products suited to their complexity and sophistication. It also adheres to responsible banking standards that contribute to the progress of society.
The multi-jurisdictional WFW team that advised Banco Santander was led by Madrid Finance Partner Rodrigo Berasategui, working closely with Senior Associate Antonio Cáneva and Associates Antón Ramil and María Heredero. They were supported in London by Projects Partner Katherine Best and Associate Esteira Hiwaizi. Italian law advice was provided by Banking and Finance Partner Mario D’Ovidio, Counsel Matteo Trabacchin and Associate Daniele Sani, and by Tax Senior Associate Alfredo Guacci Esposito and Associate Marianna Telesca.
Rodrigo commented: “We are delighted to have advised on such an innovative financing, with a completely ad hoc structure tailored specifically to Trina Solar’s need to complete the development and construction of its European renewables portfolio. This transaction highlights WFW’s ability to provide cutting edge solutions in the energy sector through collaboration between our expert lawyers across our European offices”.