Bird & Bird advises Cubico on the closing of its €75m Italian solar refinancing


International law firm Bird & Bird advises Cubico Sustainable Investments, a global investor in renewable energy, on its €75m financial close on the refinancing of 14 solar assets in Italy with a combined capacity of over 27MW.

The 27.4 MW Solis portfolio was mostly acquired from funds managed and/or advised by Partners Group in May 2019, with one other asset acquired in August 2018. The fully operational projects range in size from 1MW to 5MW and are located in Lazio, Veneto and Sicily.

The team at Bird & Bird was led by Pierpaolo Mastromarini, a partner and head of the Italian Energy & Utilities sector group and was assisted by associate Michele Arruzzolo, who acted as project manager coordinating the activities on the borrower side, as well as associate Daniele Pompei around the project finance aspects of the transaction. Simone Cadeddu, head of the Italian administrative department and associates Jacopo Nardelli and Enrico Maria Curti also advised Cubico Sustainable Investments on the administrative law matters.

Cubico head of EMEA David Swindin comments: “We are very pleased with the level of support and flexibility shown by Bird & Bird in Italy and look forward to working together in the coming months.”

Cubico Italian head Alessandro Asperti says: “It is a pleasure to advance on our growth strategy in the Italian market and we are delighted to have such a strong partnership on the legal aspects with Bird & Bird."

Pierpaolo Mastromarini, a partner in the Banking & Finance practice at Bird & Bird in Italy adds: "We are delighted to have advised Cubico Sustainable Investments on their latest closing of its €75m Italian solar refinancing. This transaction is another great example of the work we are undertaking in the solar space and I look forward to working with the team at Cubico in the near future."