Rabobank, Santander Corporate & Investment Banking and Intesa Sanpaolo Bank Luxembourg are the lenders to the facilities for the financing of solar projects in Ireland, Spain and Portugal.

The financing will be used for the development, construction and other project costs of multiple ground-mounted projects.

The financing uses a FinCo borrower structure rather than the more commonly used HoldCo one and includes the refinancing of numerous smaller financings already in place, as well as structurally subordinated mezzanine debt with Berenberg fund.

WFW advised the lenders on the review and coordination of tax and project agreements, corporate, real estate, environmental and planning due diligence and tax structuring advice across Ireland, Spain and Portugal as well as advising on the suite of finance documents alongside local counsel in those jurisdictions.

Based in Cork, Ireland, Amarenco is an independent renewable energy producer.

WFW partner Laurence Martinez-Bellet said: “As our team previously worked alongside Amarenco to finance the construction of largest battery storage project in France and to refinance photovoltaic portfolios, we are delighted to have assisted on this new landmark cross-border and innovative financing transaction supporting the growth and geographical expansion of Amarenco.”