Linklaters has advised Sovcombank as arranger on the RUB 5.7 billion domestic green project bonds issued by an orphan special purpose vehicle, SFO RuSol 1 LLC, for the purpose of financing two solar stations of Solar Systems LLC in the Astrakhan region of Russia. Bryan Cave Leighton Paisner reportedly advised the issuer.
The bonds, which were placed on February 10, 2020, are secured by a pledge of receivables under the on-loans from SFO RuSol 1 to the project companies, which in turn are secured by DPM power supply contracts, shares, and assets of these stations and related corporate rights agreement. The senior bonds are rated A+(RU) by AKRA, mezzanine bonds are rated AKRA BBB+(RU), and the junior tranche is unrated.
Solar Systems LLC is owned by Singapore Helios Mech and is one of the largest renewable energy companies in Russia. The portfolio of the company, which was founded in 2014, includes solar power plants in five regions of Russia with a total capacity of 365 MW.
Linklaters' team was led by Partner Andrei Murygin and included Managing Associates Yuri Nekrasov and Maxim Kraynov and Associate Aisana Indzhieva.
Bryan Cave Leighton Paisner's team included Partners Oleg Khokhlov and Matvey Kaploukhiy, Counsel Igor Zhivotov, and Associates Evgeniya Shirugina and Mikhail Filatov.