Pinsent Masons advises NTR to secure refinancing of Provencialis wind farm (48 MW) in France

Operational for the past four years, the Provencialis wind farm has, as part of this transaction, acceded to an existing portfolio financing, adding a further €57 million following the integration of Provencialis.

The transaction included the entry of two new lenders, NORD/LB and AIB, replacing the project’s two existing German lenders.

The transaction also involved:

• the termination of the interest rate swap relating to the existing Provencialis financing, and  the novation of a new swap into the portfolio financing; and
• the transfer of the shares in Provencialis to the borrower of the existing portfolio financing.

This refinancing highlights both the bankability of a mature 48 MW operational wind asset and the ability of an existing renewable energy portfolio to integrate new SPVs, thereby strengthening its scale and diversification.

Pinsent Masons acted as legal counsel to NTR on this cross‑border transaction, led by the firm’s French teams with the support of Pinsent Masons teams in the United Kingdom, Ireland and Germany.

In France, the transaction was led by the Finance & Projects team comprising Eran Chvika (partner), assisted by Charles Bressant (senior associate), Noëlle Fajardy, Melissa Benalouane and Léa Fournier (associates), together with the Corporate team comprising Camille Chiari (partner) and Elsa Jouanjan (associate).

The international Pinsent Masons teams involved in the transaction included Gillian Frew and Michael Duffy (UK), Shani Stallard, Richard Murphy and Garrett Monaghan (Ireland), and Holger Kessen and Mark Leonard (Germany).

The lenders were advised by Watson Farley & Williams in London.