BNZ secures Europe’s first multi-country Total IPP Financing (TIPPF) with over €680,000,000 of commitments, comprised of a €420,000,000 green senior warehouse and a €260,000,000 Holdco facility 

Akereos Capital has successfully completed arranging, structuring and advising BNZ, a Nuveen Company, on Europe’s first TIPPF. The TIPPF includes two distinct financings which were arranged simultaneously: a green senior debt facility totalling up to €420,000,000 and a Holdco financing facility of up to €260,000,000. The combined financing allows BNZ to continue developing its strategic growth plan in Southern Europe. 

BNZ is a leading independent power producer (IPP) that develops, builds, and operates solar photovoltaic (PV) projects. BNZ is owned by Nuveen’s Clean Energy Fund III. Nuveen is one of the world’s largest investment managers with $1.2 Trillion of AUM. 

The senior debt facilities were secured from a club of lenders including ABN AMRO, Bankinter, the European Investment Bank, Intesa Sanpaolo, NatWest, and SMBC. The Holdco financing facility was raised with funds managed by Ares Management’s Infrastructure Debt and US Direct Lending strategies. 

Akereos Capital acted as sole arranger, structurer, and exclusive debt adviser to BNZ on the TIPPF, coordinating the senior and HoldCo financing processes simultaneously and ensuring a holistic solution for BNZ’s capital structure was delivered. Linklaters acted as legal adviser to BNZ, while Clifford Chance acted as legal adviser to the club of senior debt lenders. Ashurst advised Ares as Holdco lender. Palmer is the acting agent for the senior lender club and alterDomus the agent for Ares Management. 

Akereos Capital has now successfully completed more than €6,000,000,000 of financings in the European Renewable Energy space and more than €10,000,000,000 of transactions over the last three years alone.