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White & Case Advises LCL on First Multi-Buyer Green CPPA in Europe

Global law firm White & Case LLP has advised financial services company LCL on the structuring, drafting and negotiation of the first multi-buyer Green Corporate Power Purchase Agreement (Green CPPA) in Europe and on a framework agreement, common to all purchasers, to manage the participating companies for the duration of the Green CPPA.

White & Case partner Jean-Luc Champy, who co-led the Firm's deal team, said: "We have advised on the structuring of an innovative project that will promote, through the use of a CPPA, the development of renewable electricity production facilities that will directly benefit the economic operators without public financing."

Under the innovative CPPA, designed jointly by Voltalia and LCL, ten French companies have signed up to the project and will share 100 percent of the electricity produced by a new 56-megawatt photovoltaic power plant located in the south of France over the next 20 years. The ten companies are leaders in their respective sectors: Air France, Bonduelle, DACO FRANCE, Groupe Fournier, Gerflor, Coopérative Isigny Sainte Mère, Laiterie de Saint-Denis de l'Hôtel, LCL, Menissez SAS and the PAPREC Group. 

Voltalia will develop and operate the photovoltaic power plant. LCL will provide the guarantee mechanism to ensure the solvency and proper functioning of the group of buyers throughout the duration of the project.

The White & Case team in Paris which advised on the transaction was led by partners Jean-Luc Champy and Amaury de Feydeau and included associates Camille Fouqué and Ahmed Boulahcen.

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