From left: Carsten Steinhauer of Dentons and Michele Briamonte of Grande Stevens
Dentons law firm assisted IKAV in the investment for the construction of 9 gas peaker plants developed by Metaenergia for the “capacity market” in Italy
IKAV is an international asset management group specializing in energy infrastructure, headquartered in Germany and offices in Luxembourg, Italy, Spain, Portugal, UK, USA and France, with a client portfolio consisting mainly of insurance companies and pan-European pension funds.
Dentons acted with a multi-jurisdictional team led by Carsten Steinhauer, which involved professionals from the Rome, Milan, London and Luxembourg offices.
Metaenergy, an Italian supplier of electricity, natural gas and energy efficiency services owned by the Molinari family, was advised by Great Stevens in Rome e Great Stevens International in London, with a team led by Michele Briamonte.
As part of the operation, IKAV it also bought shares and bonds of the British holding Metaenergia UK Ltd. by the existing investor, who had previously subscribed for these bonds to finance the pre-construction development of the 9 gas plants. The investor was advised by Ropes & Gray, in London, and by Gianni & Origoni, in Milan, with a team led by Ottaviano Sanseverino.
IKAV has acquired a significant stake in the project company. MEAG Munich Ergo, an asset management company of the Munich Re group, provided a new senior loan through the subscription of alternative debt instruments issued by Metaenergia.
Once in operation, the plants will benefit from the reward mechanisms recognized by Terna for the provision of new capacity pursuant to the capacity market for a period of 15 years. These mechanisms are functional to the remuneration service for the availability of energy production capacity, to compensate for any shortcomings in the grid deriving from production by non-programmable plants, such as those powered by renewable sources. The transaction represents the first investment of IKAV’s IEI II fund, focused on investments in global infrastructure.
Dentons acted with a multi-jurisdictional team that involved professionals from Italy, the United Kingdom and Luxembourg, coordinated by the partner Carsten Steinhauer and composed of the managing counsel Mileto Mario Giuliani who also took care of the regulatory aspects relating to the capacity market, the counsel Christian Fabricatore, and the senior associate Riccardo Narducci. The partners Gianpaolo Garofalo and Giovanni Diotallevi, with the managing counsel Andrea De Luca Picione, the senior associate Bianca Chiara Sinisi and the associate Stefania Verroca, followed the banking & finance aspects, while the partner Roberta Moscaroli managed the tax and partner Michele Carpagnano dealt with the Competition & Antitrust and Golden Power profiles. The partners Cristian Fischetti for the restructuring aspects and Luca De Menech for the labor law issues also took part.
Partners Nigel Webber, Mark Cheney and James Meakin of the London office handled the corporate, finance and tax aspects of English law respectively; while the partners Namik Ramić and Jean Luc Fisch followed the corporate and tax profiles under Luxembourg law.
Grande Stevens and Grande Stevens Internationathey acted with a multi-jurisdictional team that involved Italian and English professionals, coordinated by managing partner Michele Briamonte. The partner Marella Villa, with a team composed of Carola Diletta Irneri and Nicolò Manduchi, took care of the banking & finance aspects, while Chiara De Sanctis took care of the Golden Power profiles. Other partners involved were Gabriella Sasso with the associate Giada Buzzi (tax) and the partner Alessandra Deganis (employment). The partners Vincenzo Lanni and Umberto D’Anna of the London firm handled the corporate and financial aspects of English law.
Gianni & Origoni acted with a team coordinated by the partner Ottaviano Sanseverino and composed by the partner Raffaele Tronci and the associate Alvise Portinari, who handled the aspects of Italian law relating to the repayment of the bond, the release and confirmation of guarantees, as well as the agreements relating to operating plants. The partner Fabio Chiarenza and the managing associate Francesca Staffieri took care of the tax aspects.
Ropes & Gray acted with a team led by partner Samuel Norris, with a team consisting of partner Helen Croke (private equity), senior associate Natalie Eliades (private capital – corporate), associate Ashley Wright (banking & finance) and trainee solicitors William Allen and Olivia Bennett.