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Allen & Overy advises Aukera on a €450 million notes issuance facility with EIG

Allen & Overy has advised Aukera BV (Aukera), the Belgium-based pan-European renewable energy developer and independent power producer (IPP) majority owned by AtlasInvest, in connection with a €450 million structured notes issuance facility set up with EIG, a leading institutional investor in the global energy and infrastructure sectors.

The financing comprises an initial tranche of €200 million notes and includes an accordion feature to increase the notes issuance facility amount by an additional €250 million. The notes will be created in and cleared through the securities settlement system operated by the National Bank of Belgium, which is a novel approach in the Belgian market for this type of financing. The notes will be unlisted and will be placed privately with professional investors only. Together with project-level senior debt financing, the financing will support Aukera’s plans to construct more than 1.5 GW of solar, wind and co-located battery storage projects by the end of 2026 in the UK, Germany, Italy and Romania.

In addition to providing construction equity for Aukera’s existing pipeline of projects, the notes issuance proceeds will be used to fund acquisitions of third-party projects. Aukera’s initial focus will be on acquiring ready-to-build solar and wind projects in Germany, Italy and the UK. Aukera will also continue to seek new co-development partners for earlier-stage development projects.

The Allen & Overy team was led by counsel Dr Jan-Hendrik Bode who was supported by senior associate Kathrin Pätzold-Schwarz and associate Hans-Joachim Jähnichen (all Banking & Finance, all Frankfurt). Furthermore, the team comprised partner Yves Van Pul, senior associate Axel de Backer, associates Kristof Geukens, Margot De Wolf and Cedric Ledegen (all Banking & Finance), partner Isabelle Panis and associate Allison Bray (both Tax, all Brussels). Partner Jocelyn Land and associate Sarty SenGupta advised on English law matters, partner Pietro Scarfone and associate Aldo Brombin Tuzzato advised on Italian law matters. Further advice was provided by lawyers from Allen & Overy offices in the US. 

Law firm Radu Taracila Padurari Retevoescu SCA (RTPR) advised on Romanian law matters.

The inhouse legal team at Aukera was led by Robert McMurray (General Counsel).

Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to Aukera.