Legal firm Watson Farley and Williams has advised Natixis, Banco Santander, BBVA and CaixaBank as lenders on the project financing of an 864MW Spanish photovoltaic portfolio.
The portfolio comprises 18 plants that are being built and developed by Grupo Cobra subsidary Zero-E in Zaragoza, Teruel and Ciudad Real.
The transaction was signed on 2 August 2019.
The assets are part of the 1.55 GW of photovoltaic capacity that Grupo Cobra was awarded by the Spanish government in its third renewable energy auction in 2017.
Grupo Cobra, a subsidiary of construction and industrial services group ACS, specialises in the development, construction and maintenance of energy projects, most notably in the renewables sector.
The WFW Madrid Finance team advising the lenders was led by partner Rodrigo Berasategui, working closely with senior associate Jacobo Hermidas.
Berasategui said: “We are proud to have advised on such a milestone transaction for the Spanish renewable market, which demonstrates our unrivalled reputation for providing first class specialist advice on complex renewables project financings in Spain.”