NORD/LB, Rabobank and Siemens Bank have closed a €135m financing package for Encavis’ 199MW wind and solar portfolio in northern Spain.
The banks said the portfolio comprises three wind farms totalling 142MW and two solar parks with 57MW, with the first projects already operational and the remainder due online in Q1 2026.
They added that the financing includes a €117m term facility maturing on 30 June 2044, a €5m debt service reserve facility and a €13m LC facility.
NORD/LB acted as mandated lead arranger, hedging bank and L/C bank, while Rabobank served as mandated lead arranger, hedging bank, security and facility agent and L/C bank, with Siemens Bank also mandated lead arranger.
The wind farms consist of 24 Nordex turbines and the solar parks will feature 98,000 bifacial ground-mounted panels.
“We’re delighted to continue our long-standing relationship with Encavis by supporting the development of its latest wind and solar portfolio in Spain,” said Björn Heinemeyer, senior director at NORD/LB.
“Spain is entering a pivotal phase in its renewable energy transition, and this portfolio will play an important role in helping the country achieve its ambitious wind and solar targets and accelerate the decarbonisation of the economy.”
“The close and trusting cooperation with Rabobank, NORD/LB and Siemens Bank, as well as with our advisors, also sends a strong signal for our Aragon project in Spain,” said Mario Schirru, chief executive of Encavis.
“Building on a proven approach, we identify and acquire high-quality projects and implement them together with reliable partners through long-term, sustainable project financings,” Schirru added.
Clifford Chance acted as legal adviser to the bank consortium and Watson Farley & Williams advised Encavis.