Milbank Advises EIG on €500 Million Holdco Financing for ILOS Project GmbH

Milbank advised EIG as financing provider on the structuring and documentation of an up to €500 million holdco financing for ILOS including legal due diligence on the group and its project pipeline. ILOS will issue registered notes which will be subscribed by EIG and other investors. The proceeds are expected to support ILOS’s plans to generate more than 2GW of power through solar and battery projects by 2026. The registered notes comprise an initial tranche of €250 million and includes an increase option that would increase the amount by an additional €250 million.

EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.1 billion under management as of September 30, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $44.5 billion to the energy sector through 393 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.

ILOS was established with a focus on PV development within Europe, with Omnes Capital providing development capital as well as construction financing. The ambition is to develop a significant pipeline and become an IPP that operates PV assets in the core markets of Europe.

Omnes Capital is a leading private equity and infrastructure investor. With over €5 billion in assets under management, it provides companies with the capital they need to fund their growth, in three key areas: venture capital, growth & buyout capital and infrastructure. Omnes Capital is committed to ESG factors and has founded the Omnes Foundation to fund initiatives in favour of children and young people. It is a signatory to the United Nations Principles for Responsible Investment (PRI).

The Milbank team was led by partner Barbara Mayer-Trautmann (Finance) and included partners Markus Muhs (Corporate/M&A), Thomas Kleinheisterkamp (Tax), Casey Fleck (Corporate/M&A, Los Angeles), Joel Krasnow (Benefits and Compensation, New York) and associates Alexander Lang, Susanne Baier (both Finance), David Schwenneker, Jana Kasakow (both Corporate/M&A) as well as Elisabeth Wöhrle (Tax).