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WestLB AG Milan branch signed with Nuova Rete Solare S.r.l., Terna S.p.A’s 100% indirectly owned company, a financing agreement with a duration of 18 years. The maximum total amount of the refinancing transaction is equal to 252 million euro (of which 220 million euro in cash and 32 million euro in endorsements) and is intended to refinance - based on a non-recourse project financing - investments sustained for the construction of a portfolio of photovoltaic (PV) plants owned by New Solar Network.

The financing agreement has been finalized with a pool of 5 banks formed by Centrobanca, MPS Capital Services, Natixis, UniCredit Corporate Banking and WestLB.

Nuova Rete Solare S.r.l. was assisted and advised in the drafting and preparation of the finance documents by the legal firm Chiomenti. The advisors for the banks were: Fichtner, regarding the technical aspects; AON Risk, for insurance matters; Gianni Origoni Grippo & Partners for the legal due diligence.

By closing one of the most relevant PV projects in Italy, WestLB has the opportunity to enhance its market position as a leading bank in the energy project finance market in Italy. The closing of the transaction follows the successful closing of the previous similar deal with Terna in January 2011, for a total amount of EUR 521.3 million, in which WestLB also participated as MLA and Project Lender.

The terms and conditions of the loan contract reflect the high quality standards of the PV plants.

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