Neutral newspaper headline: BNZ receives 680 million euros to accelerate its renewable energy deployment in Spain, Italy, and Portugal.
BNZ, an renewables investment arm of Nuveen, has secured a financing of 680 million euros to develop a 1,700 MW solar portfolio. Owned by Clean Energy Fund III, the company has completed its Total IPP Financing (TIPPF) across multiple countries with a senior debt facility of 420 million and auxiliary credit lines of up to 260 million.
The 420 million financing will enable BNZ to expedite its strategic plan in Southern Europe. The company has obtained this preferential credit line from a group of financial entities including the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter, with Palmer acting as the agent.
HoldCo financing will be provided by Ares Management’s Infrastructure Debt and US Direct Lending, with alterDomus acting as the agent. Akereos Capital served as the exclusive debt advisor for BNZ in the financing, while Linklaters acted as the legal advisor. Clifford Chance advised the group of senior debt banks, and Ashurst represented Ares as the HoldCo lender.
Garrigues, Gianni & Origoni, EY, and Mazars have provided legal and tax advisory services with the support of technical consultants such as Enertis, EOS Consulting, and Everoze. AON has been involved in the insurance side of the operation, and DNV and TAUW in the ESG spectrum