Posted on Sep 25, 2026
Link copied !
Windrose Holding S.r.l., part of Gruppo Whysol, has completed a Hold-Co project financing transaction, with a total value of approximately €118 million, aimed at refinancing and optimising the operational and financial structure of a portfolio of wind and photovoltaic plants with a combined installed capacity of approximately 157 MW.
The transaction was structured as a Green Loan, with a pool of lending institutions comprising Intesa Sanpaolo (IMI Corporate & Investment Banking Division), Banco BPM, BPER Corporate & Investment Banking and ING Bank Milan Branch. Intesa Sanpaolo also acted as bank agent, while all lending institutions also acted as Green Loan Coordinators and will act as Hedging Counterparts in relation to interest rate swap contracts to be entered into by Windrose Holding S.r.l., aimed at providing partial hedging against interest rate risk associated with the financing. The financing is distinguished by certain features uncommon in the renewable energy landscape, including a merchant risk component following the expiry of incentives and the integration of wind and photovoltaic assets into a single portfolio.
The pool of banks was assisted on the preparation and negotiation of the financial documentation by FIVERS Studio Legale e Tributario, with a team led by partner Maria Teresa Solaro and comprising associates Marco Balzano and Andrea Oddo and junior associate Maria Rita Di Mauro. Legal due diligence was carried out by PedersoliGattai, with a team comprising partners Valeria Viti, Nicola Gaglione and Nicola Martegani, supported by associates Angelo Fabris, Francesco Pasetto, Lorenzo Massaro, Elena Martignoni and Cesare Gatti.
Whysol was assisted on the negotiation of the financial documentation by L&B Partners Avvocati Associati, with a team led by partner Pietro Paolo D’Ippolito, Co-Head of the Banking & Finance Department, and comprising associate Bianca Tomassetti and junior associate Beatrice Mascardi. Arcus Financial Advisors acted as Whysol’s exclusive financial advisor, with a team led by Stefano Cassella and comprising Federico Mander and Stefania Gatti. Vector Renewables acted as technical advisor to the banks, with a team led by Luca Radaelli. Notarial matters relating to the execution of the financial documentation were handled by Studio ZNR Notai.
Link copied !
Leaders League
88, boulevard de la Villette
75019 Paris, France
Phone: +33 (0) 1 45 02 25 00
Email: [email protected]
[email protected]
[email protected]
All rights reserved – Leaders League.

source