Linklaters has advised Helexia, a leading energy transition and energy efficiency services provider, on the “non-recourse” financing of a portfolio comprising 290 projects located in France, Belgium, Italy, Portugal, Spain and Hungary. The financed projects include photovoltaic solar projects and energy efficiency projects (self-consumption, relighting, heating, ventilation and air conditioning (HVAC)).

The financed projects benefit from a heterogeneous mix of remuneration schemes, including notably energy performance contracts, power purchase agreements (PPAs) with different types of counterparties and self-consumption schemes with or without injection of excess production into the grid.

This transaction is part of a financing program initiated in 2023 by Helexia covering a total portfolio of approximately 600 projects, to which these 290 projects were added through the implementation of an accordion facility mechanism (incremental facility).

The loan facilities were arranged by La Banque Postale and Bpifrance, with the participation of La Banque Postale Asset Management.

The Linklaters Paris team was led by Samuel Bordeleau, partner, and included Mylinh Pham, Managing Associate, Zehra Sever, Laura Chan, Sarah Pupin, Aïssatou Beye, associates, in Energy & Infrastructure. They were supported on Public Law aspects by Fanny Mahler, partner, Sandra Hoballah Campus and Thibaud Troublaïewitch, Managing Associates, and Baptiste Garde, associate. The team was completed by Saadoun Alioua, Managing Associate, and Virginie Guerineau, Marine Hennequin, Marie Raynaud and Milan Prée, associates, in Real Estate Law and Cyril Boussion, partner, Marie Belle and Jules Andreau, associates, in Tax Law.

Linklaters offices in Brussels, Lisbon, Madrid and Milan were also involved in this transaction. The Hungarian law aspects were handled by Kinstellar.