Norton Rose advises on largest solar project in Europe
8 June 2012
International legal practice Norton Rose LLP has advised VTB Capital on a €175million lending facility to finance an up to 100MW solar power plant in the Crimea region of Ukraine.
The solar power plant is the largest solar project in Europe and will double Ukraine’s solar capacity. The funding is being provided on a project finance basis.
Matthew Hinxman, senior associate, Norton Rose LLP, said:
“We are delighted to have advised VTB Capital on this groundbreaking, unique and complex transaction. Given the current banking and general market climate, it’s a particular achievement to get this one away.”
Chris Brown, partner, Norton Rose LLP, commented:
“This is one of the more significant project financing transactions to be undertaken in Ukraine in recent years. The development of project finance in Ukraine has been hampered by a number of legal constraints which we needed to overcome in order to get this deal done.”
Norton Rose LLP partner Chris Brown and senior associate Matthew Hinxman advised VTB Capital on the project financing, assisted by associates Lisa Koch, Jenny Waites and Irina Zghibarti. Partner Andrew Buisson advised in respect of the Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M) issues, supported by associate Tom Swarbrick. Ukrainian law firm Sayenko Kharenko provided local counsel advice.
Linklaters acted for the borrowers and Activ Solar GmbH.
For further information please contact:
Jane Lougher, PR Manager, Norton Rose LLP
Tel: 44 (0)20 7444 2063 Mob +44 (0)7595 886 200
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