Linklaters advises ORIT on the acquisition and the refinancing of a 119.5 MWp French solar PV portfolio

Linklaters has advised Octopus Renewables Infrastructure Trust plc (ORIT plc) on the acquisition, from one of the renewable funds Samsung Securities has invested in and a minority investor, of a 100% interest in a portfolio of solar PV assets located across France for a cash consideration of €58.9 million. Linklaters has also advised on the subsequent corporate restructuring and portfolio refinancing of these assets by a new €125.7 million senior non-recourse debt facility. The acquisition closed in July 2020 and the corporate restructuring and refinancing closed on 26 January 2021.

The portfolio consists of 14 fully operational solar PV assets with a total installed capacity of 119.5 MW. It produces enough electricity to power the equivalent of 48,000 French households annually.

The new credit facility obtained as part of the refinancing was provided by Allied Irish Banks, p.l.c., Société Générale and La Banque Postale.

The Linklaters team was led by François April, Energy & Infrastructures partner and comprised of Samuel Bordeleau, counsel, Etienne Paletto, associate, and Justine Hung, trainee, in Energy & Infrastructures; Pierre Guillot, partner, Athanase de Guitaut, Sandra Hoballah Campus and Thibaud Troublaïewitch, associates in Public Law; Cyril Boussion, partner and Philippe Ludwig, associate in Tax, Saadoun Alioua and Camille Lapeyre Sabatie de Chavardes, associates in Real Estate Law; Mehdi Boumedine, managing associate, Cyrine Boussedra and Gaëtan Le Page, associates in Corporate.

Linklaters teams from Berlin, Frankfurt and London were also involved in the transaction in relation to the German and UK law aspects.