Cubico Sustainable Investments’ Project Refinancing

Watson Farley & Williams and EY Abogados advised Cubico Sustainable Investments on the deal, Clifford Chance has advised a lenders club.

The deal involved the refinancing, via a green loan, of the Moron and Olivenza concentrated solar power (CSP) projects in Seville and Badajoz, Spain. The projects, which have a total installed capacity of 50 MW each, were acquired by Cubico in March 2021 as part of the Grupo T-Solar portfolio.

The lenders were Aviva Investors, CaixaBank, Export Development Canada, ING, Rivage Investment, Santander Corporate & Investment Banking and Société Générale. Santander Corporate & Investment Banking acted as both bookrunner for the institutional investors and hedge coordinator.

This is the first time that Cubico has used a hedge derivative to cover interest rate risk incorporating a pricing system facilitating improving the water footprint of CSP plants, as well as one of the first times such a mechanism has been used in Spain. Cubico are leading global investor in renewable energy.

The Watson Farley & Williams multi-disciplinary Madrid team that advised Cubico on the transaction was led by Finance Partner José María Anarte (Picture), working closely with Senior Associate Jacobo Hermidas and Associate Cheng Zhou.

The Clifford Chance’s team included Global Financial Markets partner José Guardo, senior associates Eugenio Fernández-Rico and Ángel Muñoz, associate Pablo Cancelo and junior associate Mariana Ceballos.

EY Abogados’ Tax team has advised Cubico on the refinancing with the issuance of green bonds. The team is formed by partner Araceli Saénz de Navarrete, director María Amor, senior Matilde Gómez Marín and manager Víctor Ballesteros.

Involved fees earner: Pablo Cancelo – Clifford Chance; Mariana Ceballos – Clifford Chance; Eugenio Fernández Rico – Clifford Chance; José Guardo – Clifford Chance; Ángel Muñoz – Clifford Chance; María Amor Lobo – EY (Ernst & Young); Víctor Ballesteros Martínez – EY (Ernst & Young); Matilde Gómez Marín – EY (Ernst & Young); Araceli Saenz De Navarrete Crespo – EY (Ernst & Young); José María Anarte – Watson Farley & Williams; Jacobo Hermidas – Watson Farley & Williams; Cheng Zhou – Watson Farley & Williams;

Law Firms: Clifford Chance; EY (Ernst & Young); Watson Farley & Williams;

Clients: Aviva Investors; CaixaBank; Cubico Sustainable Investments; Export Development Canada; ING Bank; Rivage Investment; Santander Corporate & Investment Banking; Société Générale;

Author: Federica Tiefenthaler