The transaction involved a financing structure based on a power purchase agreement and is one of few brownfield refinancings to successfully complete to date in Spain.
Under the agreement, all the renewable energy produced by Goethe Energy’s hydroelectric plants in Italy will be purchased by GDE.
WFW has been advising the sellers for several years on project development, land rights acquisition and corporate matters.
The portfolio comprises three solar PV plants in Cuenca, Castilla-La Mancha, Spain.
As part of the deal, WFW also advised Sonnedix on the signing of a twelve-year PPA.
The portfolio comprises five solar PV plants in Valladolid, Castilla y León, Spain.
The PV plant is located in the municipality of Mula in Murcia, Spain.
Under the PPA, the power supply is expected to commence in 2024 and run until the end of 2033.
Until now, PPAs have been negotiated and executed individually between different energy producers and off-takers, without common standards between them
The PPA covers 17 projects in the Spanish regions of Teruel, Zaragoza, Badajoz, Cuenca and Valladolid, which will collectively generate enough energy to supply more than 450.000 homes per year.