Energy company Villar Mir Energia has secured project financing for the Valiente and Sotillo wind farms in Zaragoza, north-east Spain.
The Madrid finance team at law firm Watson Farley & Williams (WFW) advised investment house Rive Private Investment on the project financing for projects, with a combined installed capacity of 35MW.
The deal closed on 16 January 2019.
Sotillo wind farm is under construction and due to be operational in the first quarter of 2020, while Valiente has been up and running since 2018.
The wind parks will operate as merchant assets, without subsidy or premium.
The financing was arranged via the acquisition of private bonds by FCT Quartz, managed by Rive Private Investment.
Triodos Bank provided part of the financing through a project finance structure.
Partner Rodrigo Berasategui led the WFW team, working closely with senior associate Alvaro Barro.
Berasategui said: “In this particular case, Rive Private Investment’s involvement and the successful outcome of an innovative financing scheme, demonstrate both the Spanish market’s and assets’ soundness and the progressive opening to new actors and financing methods, amplifying the options available to companies.”