Spanish banks Bankia and Banco de Sabadell are providing project financing loans for the 169MW Olmedilla solar farm in Spain.
The €71.5m structured loan was granted to Olmedilla Hive, a special purpose vehicle managed by Israel-based Noy Infrastructure & Energy Investment Fund.
Olmedilla, which is located in the Spanish province of Cuenca, is currently under development and expected to become operational by 2022.
The financing follows Noy Fund’s recent acquisition of a majority stake in Olmedilla.
Law firm Watson Farley & Williams (WFW) advised Noy on the financing, as well as on all the projects agreements, including, among others, the engineering, procurement and construction (EPC), operation and maintenance (O&M) and the management services agreements.
WFW also advised on the drafting and negotiation of the plant’s EPC and O&M project agreements entered into with Aeronaval de Construcciones e Instalaciones.
The WFW Madrid team that advised Noy Fund on the transaction was led by finance partner Rodrigo Berasategui and Madrid office head and partner Maria Pilar Garcia Guijarro, working closely with senior associates Juan Vicente Barquilla and Fernando Santos, from the finance and corporate team respectively.