Watson Farley & Williams has advised Elawan Energy on the deal. Cuatrecasas has advised a bank syndicate on financing granted to five companies in the Elawan Energy Group.
The transaction concerns a €92m loan for the project financing of its 250 MW Campanarios photovoltaic (“PV”) portfolio, comprising five Spanish plants currently under construction with a 50 MW nominal capacity, located in Spain’s Albacete region. The transaction closed on 3 November 2020, with the plants to be operational by Q4 2021.
Banco Sabadell, S.A., Bankia, S.A., Abanca Corporación Bancaria, S.A. and Banco Pichincha España, S.A. acted as financing entities for the c.€92m structured loans granted to the special purpose vehicles (SPVs) that own each plant, themselves all owned by Elawan Energy.
Elawan is a leading company in the renewables sector with a long-standing track record in development, financing, constructing and operating its own power plants worldwide. Since 2008, Elawan has expanded its global operations and is now present in 13 countries with 1.3 GW of renewables assets deployed.
The WFW Madrid Finance team that advised Elawan was led by Partner Rodrigo Berasategui (Picture) working closely with Senior Associate Juan Vicente Barquilla and Associate Laura Fontán.
Cuatrecasas advised the bank syndicate with partner Rafael Mínguez and lawyer David Vidal led the advisory team.
Involved fees earner: Rafael Mínguez – Cuatrecasas; David Vidal – Cuatrecasas; Juan Vicente Barquilla – Watson Farley & Williams; Rodrigo Berasategui – Watson Farley & Williams; Laura Fontán – Watson Farley & Williams;