Iberian renewables outfit Finerge has completed the refinancing of a 242MW portfolio of seven wind farms in Spain.
BBVA, Banco Santander, CaixaBank, CIBC, ING, Intesa Sanpaolo, National Australia Bank and Siemens Bank acted as lenders for the term and working capital facility loans granted to the company indirectly owning the wind parks, which are managed by Finerge.
The refinancing follows Finerge’s recent acquisition of the wind portfolio from EDPR Renovaveis which took place at the end of last year.
The wind assets are in the provinces of Avila and Tarragona.
Finerge is Portugal’s second-largest renewable energy producer. It operates 53 wind parks and 16 photovoltaic plants across Portugal and Spain.
Law firm Watson Farley & Williams advised the lenders, led by Madrid finance partner Rodrigo Berasategui on Spanish law matters.
Berasategui said: “We are delighted to have advised so many distinguished financial institutions on a transaction which clearly demonstrates the ever increasing internationalisation of renewables project financings in Spain, both in terms of market participants and of the methodology and structure of the financings themselves.
“That we were successfully able to do so in a short time-frame, as well as co-ordinate legal teams across multiple jurisdictions, is thanks to the first-rate international network and deep specialisation and experience that make WFW one of the leading law firms to the Spanish renewables sector.”