Grenergy Renovables has secured a €175m green loan for the construction of a 300MW portfolio of Spanish solar plants.
Watson Farley & Williams (WFW) was the adviser on the deal, with Banco Santander, MUFG Bank and Natixis acting as lenders.
Grenergy Renovables is a global independent power producer that designs, develops and implements large-scale renewable energy projects.
The WFW Madrid Finance team that advised the lenders was led by partner Rodrigo Berasategui, working closely with senior associate Juan Vicente Barquilla and associates Antón Ramil, Álvaro del Real and Arancha Ruesta. They were supported on regulatory matters by partner David Díez, senior associate Ignacio Soria and associates María Vela, Miguel Rubio and Carlota Díaz.
“We are grateful to Banco Santander, MUFG Bank and Natixis for instructing us once again, this time on a challenging green financing granted to Grenergy Renovables, whom we have advised on all their previous renewable project financings in Spain to date,” said Berasategui.
“This financing required a tailor-made legal and regulatory structure to ensure the successful ring-fencing of the projects involved.
“The fact that key players in the Spanish renewable energy market relied on us for such advice underlines WFW’s position as a leading firm for sustainable financing in sector, both in Spain and globally”.