13 Aug 2021 | 02:37 pm | 1 min. read
Pinsent Masons advises BNRG and Neoen on the 58 megawatts portfolio project financing of Irish solar farms.
Multinational law firm Pinsent Masons has advised BNRG Neoen, a joint venture between Irish based developer BNRG Renewables and the French developer Neoen International on the financing for the Hilltown, Hortland and Millvale solar farms in counties Meath, Kildare and Wicklow which have a combined capacity of 58 Megawatts. Supported under the Irish Government support scheme for renewables, these projects are amongst the first wave of Irish solar projects to move into construction.
Pinsent Masons advised BNRG Neoen on all aspects of the negotiation of the financing agreements and wider project development including construction, module supply and power purchase agreements. Working with BNRG Neoen and other advisers, BNRG Neoen reached financial close with a senior facility debt provided by Société Générale.
Construction for the three projects is underway with commercial operation scheduled to occur in the first half of 2022.
The multi-disciplinary Pinsent Masons team included Garrett Monaghan, Richard Murphy, Ciaran McNamara, Kevin Collins, Michael Duffy, John Scanlon, Matthew McMurray, Shani Stallard, Susan Kinlan, Declan McAuley and Bridin Redmond.
Commenting on the deal Garrett said:
"BNRG Neoen has reached an important milestone in the story and evolution of Irish solar. BNRG is one of the early movers and driving forces in Irish solar and the JV with Neoen reflects an effective collaborative JV between an Irish and international solar developer. We are active across close to 1GW of development solar assets; reaching financial close on this portfolio however reflects on the depth of our offering and is an important result for the PM Irish energy group".
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