Linklaters advises Helexia on the completion of the Vega financing programme, a pan-European limited-recourse financing of approximately €220m covering c. 950 projects

Linklaters has advised Helexia, a pioneer in the energy transition and a leading player in the renewable energy and energy efficiency sectors, on the completion of its Vega financing programme, a pan-European limited recourse financing launched in 2023 for an aggregate amount of approximately €220m and covering a total portfolio of c. 950 projects.

The final tranche of the programme, completed over the summer of 2026, comprised 73 photovoltaic solar projects located in France, Italy, Portugal and Spain.

Across the portfolio, the projects benefit from a diversified remuneration structure, including in particular power purchase agreements (PPAs) with different types of State-backed and private counterparties, as well as self-consumption schemes with or without injection of excess production into the grid.

The final tranche was implemented through an accordion facility mechanism (incremental facility).

The financing programme was arranged by Bpifrance and La Banque Postale.

The Linklaters Paris team was led by Samuel Bordeleau, Partner, and included Mylinh Pham, Managing Associate, Zehra Sever, Marie Kooli, Farah Guedouar and Marija Goranovic, Associates, in Energy & Infrastructure. They were supported on Public Law aspects by Fanny Mahler, Partner, Sandra Hoballah Campus and Thibaud Troublaïewitch, Managing Associates, and Gwendoline Vannarath, Baptiste Garde and Mathilde Saltiel, Associates. The team also included Saadoun Alioua, Counsel, and Milan Prée, Associate, in Real Estate Law, as well as Cyril Boussion, Partner, and Andréa Midy, Associate, in Tax Law. Throughout the implementation of the financing programme, Linklaters’ Brussels, Lisbon, Madrid and Milan offices were also involved in the transaction, as well as local counsel in Budapest.