This page contains a Flash digital edition of a book.
visit www.finance-monthly.com


We also acted as deal counsel in a transaction for the construction of the biggest rooftop photovoltaic project ever implemented in Italy. The plant is to be built on a surface of approximately 250.000 square metres, over various buildings owned by Interporto di Padova - Magazzini Generali S.p.A. The plant will have a capacity of about 15 MW. For this transaction, Solon S.p.A. acted as EPC and


O&M contractor, Fondaco SGR S.p.A., Orizzonte SGR S.p.A. and Sinloc S.p.A. acted as the investors with BIIS – Banca Infrastrutture Innovazione e Sviluppo S.p.A. in its quality of agent, representing the pool of the financing banks.


Orrick provided legal advice to Global Solar Fund on a project finance transaction.


Vestas, the worldwide leader in the wind turbine generator manufacturing and supply sector, acquired 18 per cent of the share capital of two special purpose vehicles belonging to C&C Energy group, holding two wind projects, currently under development, having an expected overall capacity of 86 MW. Orrick provided legal advice to Global Solar Fund


on a project finance transaction granted by a pool of European bank for the construction of photovoltaic plants for an expected overall capacity of 27 MW, to be built in the South of Italy. Orrick also assisted TRP PVE BV, an Italian-Chinese


joint-venture company set up by TOLO and SAAE (whose scope is investing in the photovoltaic sector both in Italy and in Europe) and MILIS ENERGY, with certain agreements with TerniEnergia, a company operating in the renewable energy sector. The above mentioned agreements rule the design, construction, putting into operation, management and maintenance of two solar parks whose total power is 12 MW and whose counter-value is Euro 40 million with finance granted by the China Development Bank. TerniEnergia shall carry out operation and maintenance activities of the same plants pursuant to a contract, having a twenty year duration. MILIS ENERGY SPA is a company totally owned by


TRP PVE BV, the joint venture company incorporated by the Italian company TRP - Technologies and Resources for the Planet belonging to TOLO Group- and the Chinese company SAAE (Shanghai Aerospace Automobile Electromechanical Co., Ltd.), the latter company being listed on the Stock Exchange Market of Shanghai and having a capitalisation of approximately Euro 1.3 billion. The company Shanghai Solar Energy Science &


Technology in Shanghai (China) shall supply the panels for the construction of such plants.


fi MONTHLY MARCH 2011


invest ing & doing business in i taly


83


The plants to be constructed in Sardinia, in the Municipality of Milis (Province of Oristano) are expected to be commissioned in the period ranging between the beginning and the end of the first quarter of 2011. These assistances have been performed in terms of


negotiation and drafting of the agreements, in the due diligence activity related to the authorisation process of the projects and in all the legal activities regarding the financing, including EPC contracts, O&M contracts, term loans and security packages.


Q


How will the Italian business environment develop over the next 3-5 years and what should foreign investors be aware of?


Q


Given the high dependence of Italy on oil and gas imports and given the expected increase in the oil and gas prices, due predominantly to the current turmoil in North Africa and the Middle East, it is likely that Italy will invest in renewables in the mid-term future and in nuclear energy infrastructure in the next 10 - 20 years. fi


For more information on Orrick, please visit www.orrick.com


Contact Details:


Carlo Montella Partner, Orrick Herrington & Sutcliffe Piazza della Croce Rossa 2/b 00161 Rome


Tel. +39 06 45213900 Email: cmontella@orrick.com


What are the main challenges & complexities for you and your company regarding business


in Italy?


Predominantly, the frequent changes in the legal framework and environment mean that we are required to consistently upgrade our understanding in terms of their impact on clients’ businesses.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128