The nine plants currently under construction in Cuenca and Toledo provinces are expected to be operational by end 2022 or early 2023.
The fourteen plants are all located in the Spanish regions of Aragon and Castilla-La Mancha.
The financing, which has a maximum maturity term of 15 years, is the largest ECA-backed green loan Iberdrola has ever signed.
X-ELIO is a global leader in the development of sustainable energy with a strong commitment to the reduction of greenhouse emissions and the fight against climate change.
Oryx Power develops, manages and invests in renewable energy assets in Europe, Latin America and Africa from origination to the operational phase.
Madrid-based Elawan is a leading company in the European renewables sector with a long-standing track record in development, financing, constructing and operating its own power plants worldwide.
Vienna-headquartered Kommunalkredit is an investment bank focussed on developing sustainable infrastructure to improves the quality of people’s lives.
This financing follows Noy Fund’s recent acquisition of a majority stake in the Olmedilla plant, on which WFW also advised. The acquisition was Noy Fund’s first investment in Spain.
The portfolio, comprising five Spanish plants currently under construction with a 50 MW nominal capacity, is located in Spain’s Albacete region.
The financial entities involved include CaixaBank and BNP Paribas Fortis as global coordinators, bookrunners, and mandated lead arrangers (“MLAs”) for the long-term bank debt facilities.