A&O Shearman on Boralex’s EUR1.45 billion financing

The transaction enabled the largest independent producer of onshore wind power in France to move from a multi-borrower financing structure to a single platform financing structure. This consolidation gives the group greater flexibility to expand its footprint in France. 

Totaling EUR1.453bn, the financing comprises a EUR811 million term loan refinancing facility, a EUR450m Capex facility to fund growth projects, a EUR100m revolving credit facility, as well as a debt service reserve facility (DSRF) and a VAT facility totaling EUR92m. 

Boralex Inc. and Energy Infrastructure Partners are co-shareholders of Boralex’s activities in France. Boralex Inc. is a renewable energy producer that has been active for more than 35 years, combining wind, solar, hydro, and battery energy storage systems. 

The A&O Shearman team was led by Paris-based partner Tzvétomira Pacheva, senior associates Dorian Le, Anas Benmalek and Wendy Au, associate Alassane Diedhiou and Jinho Lesage. Counsel Nadège Debeney and associate Aziz Ben Hamida advised on international capital markets aspects. Partner Alexandre Ancel, counsel Flora Léon-Servière, senior associate Astrid Achard Hoffman and Alix Benech advised on the corporate/M&A aspects. Partner Mathieu Vignon with senior associate Virginie Chatté advised on the tax aspects and partner Romaric Lazerges and senior associate Pauline Choplin advised on the regulatory aspects. Partner Pierre Schleimer, counsel Diana Konrad and associate Nasser Abouquir advised on Luxembourg law aspects.