White & Case advises Kommunalkredit on Refinancing of Spanish Solar Plant Talasol

Global law firm White & Case LLP has advised Kommunalkredit Austria AG (Kommunalkredit) and European institutional investors on the secured €175 million refinancing of Spanish Solar PV Plant Talasol (Talasol).

Kommunalkredit acted as the Structuring Bank and Placement Agent for the privately placed refinancing of Talasol, a 300MWp operational Solar PV Plant located in the municipality of Talaván, in the region of Extremadura in South-Western Spain. The refinancing was secured by project finance security and fully subscribed by European institutional investors including debt funds and German pension funds (Versorgungswerke) across two fully-amortizing long term tranches.

The Talasol solar park is currently the third largest PV installation in Spain. The grid connection was secured in December 2020 and since first power the plant has performed above expectations with full year 2021 production of 560 GWh and availability close to 99 percent. Talasol sells most of its output under a ten-year power purchase agreement (PPA) with an established European energy company.

Kommunalkredit, based in Vienna, is a bank that specializes in infrastructure and energy financing.

Talasol is majority owned (51 percent) by Ellomay Holdings Luxembourg Sàrl, a holding company owned by Israel based Ellomay Capital Ltd (Ellomay).

The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partners Yoko Takagi (Madrid), Hadrien Servais (Brussels) and Caroline Miller Smith (London), local partner Matthias Grigoleit (Hamburg), counsel J. Ernst Degenhardt (Düsseldorf) and Willem Van de Wiele (Brussels) and associates Martin Riederer (Hamburg), Diego Hernandez-Sampelayo Lara, Laura Del Olmo Cuevas (both Madrid), Marianna Naicker, Lia Adalia (both London) and Antoine Cleret de Langavant (Brussels).

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