Linklaters advises Helexia on the structuring and financing of a portfolio of c. 600 solar PV and energy efficiency projects located in France, Hungary, Italy, Belgium, Poland,[...]

Linklaters has advised Helexia, a leading energy transition and energy efficiency services provider, on the structuring and financing of a geographically and technologically diverse portfolio of c.600 energy efficiency projects (self-consumption, relighting, heating, ventilation, and air conditioning (HVAC)) and solar PV plants located across France, Hungary, Italy, Belgium, Poland, Portugal, Spain and Romania.

The projects benefit from an heterogenous mix of remuneration schemes including energy performance contracts, PPAs with State-backed counterparties and self-consumption schemes with or without injection of the surplus production on the grid. The structure includes an accordion mechanism allowing for the use of incremental facilities to finance new projects achieving commissioning in the next few years.

This pathfinder transaction is the first in the sector on which such a diverse mix of projects, including innovative energy efficiency projects, has been successfully financed by senior lenders on a limited-recourse basis.

The loan facilities were arranged by La Banque Postale and Bpifrance.

The Linklaters team in Paris was led by Energy and Infrastructure counsel Samuel Bordeleau, associates Mylinh Pham and Zehra Sever, with the close support of partners François April and Pierre Guillot. Energy and Infrastructure managing associate Sandra Hoballah Campus, associates Fairuz Ben Lahcen, Claire Oualid and Marie Raynaud as well as Tax law partner Cyril Boussion and associate Marie Belle, Real estate managing associate Saadoun Alioua and associate Marine Hennequin, and Corporate/M&A associate Baptiste Fondeur provided additional support. Managing associate Sophie Weiss, assisted on the hedging aspects.

The offices of Linklaters in Brussels, Lisbon, Madrid, Milan and Warsaw were also involved in this transaction.