Solvay, Caisse des Dépôts et Consignations, and Marubeni Europe plc, have expanded their partnership in industrial energy efficiency with two new projects to finance and operate cogeneration plants at Solvay’s facilities in Tavaux (France) and in Spinetta (Italy).
These two projects and two similar pre-existing projects (on Solvay's plants in France), representing a total production capacity of 230 MW of electrical power and over 900 t/h of steam, were transferred to EEco Holding, a holding company created by the three sponsors which will develop and manage the portfolio going forward. EEco Holding has obtained a non-recourse project finance provided by MUFG’s banking arm, Bank of Tokyo - Mitsubishi UFJ, and Sumitomo Mitsui Banking Corporation Group.
The three sponsors were advised by Herbert Smith Freehills, led by Hubert Segain (partner, head of corporate Paris), Christophe Theris (of counsel) and Mounira El Kalai on the corporate aspects, with Leïla Hubeaut (partner) and Ergen Ege on the project contracts, Eric Fiszelson (partner), Rachel Campbell (of counsel), Audrey Lesage and Joëlle Chetrit on finance matters, and Eglantine Lioret (partner) and Mary Lédée on tax aspects. Herbert Smith Freehills was assisted by Stibbe for Belgian law aspects and NTCM for Italian law aspects. Green Giraffe acted as financial advisor to the sponsors.
The banks were advised by De Pardieu Brocas Maffei: Jean Renaud Cazali (partner), Antoine Payen, Frank Bauermann and Carole Servatius.
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