Linklaters advised the 2020 European Fund for Energy, Climate Change and Infrastructure (the Marguerite Fund) on the acquisition from EDF Energies Nouvelles and project financing of three photovoltaic power plants.
The three ground-mounted PV plants, with a total capacity of 36 MWc, are part of the largest ground-mounted photovoltaic power plant project in Europe, with a total capacity of 115 MWc, located in the former military air base of Toul-Rosières, in Meurthe et Moselle, near Nancy. EDF EN is in charge of the development, construction, operation and maintenance of the project. The projects will be equipped with thin-film First Solar modules and are scheduled to be in operation by the third quarter of 2012. Power generated by the project will be sold to EDF pursuant to the French feed-in tariff regime. These power plants benefit from the exceptions to the PV moratorium decree of 9 December 2010.
The limited-recourse financing of the project was arranged by BNP Paribas and Crédit Agricole CIB. This transaction is the second investment by the Marguerite Fund since its creation in 2010.
The Linklaters team was led by François April, Partner in Banking and Projects. He was assisted by Gabriel Glover-Bondeau, Majda Dabaghi, Aude Baisecourt, Vivien Bon and Julia Dorme on banking and projects matters and Diane-Laure Grand on real estate aspects. David Swinburne, Partner, advised on corporate matters with Julien Wagmann and Christophe Carrière. Thomas Perrot, Counsel, advised on the tax aspects of the deal.
Linklaters in Paris is regularly involved in major transactions in the energy sector in France. Linklaters in Paris has notably recently advised GDF Suez on the merger of its international energy division with International Power and on the acquisition by China Investment Corporation (CIC) of a 30% stake in its Exploration & Production division and of a 10% stake in the LNG Atlantic liquefaction plant in Trinidad and Tobago. Linklaters is also one of the first firms to have created a team specifically dedicated to renewable energy within its international network. Member of the SER (Syndicate of Renewable Energy), Linklaters in Paris has real expertise in this sector. Apart from advising EDF Énergies Nouvelles (EN) on the public tender offer for 100% of EDF EN by EDF, Linklaters Paris has also been involved in numerous financings, partnerships and acquisitions of renewable energy assets.
Other legal advisors
Norton Rose advised BNP Paribas and Crédit Agricole Corporate and Investment Bank
Press contact at Linklaters
Solène Guesdon: (+33) 1 56 43 59 69