ABO Energy secures €240M credit line for renewable energy expansion
ABO Energy has secured a €240 million credit line to fund its renewable energy projects. This is the first time Clifford Chance has advised lenders in such a deal for ABO Energy, with Commerzbank leading the consortium of seven banks.
The credit facility is split equally into three parts: traditional term loans, revolving working capital lines, and guarantee facilities. It aims to strengthen ABO Energy's liquidity by replacing existing loans and notes, and support its sustainable wind, solar, and energy storage projects.
ABO Energy was advised by Noerr, led by partner Alexander Schilling. Clifford Chance's team, headed by partner Simon Reitz, assisted the lenders. The specific roles of banks besides Commerzbank remain unclear.
ABO Energy has successfully closed its first consortium credit agreement, with Commerzbank acting as documentation agent, arranger, and consortium lead. The €240 million facility will boost ABO Energy's liquidity and drive its innovative renewable energy projects.
