Watson Farley & Williams (“WFW”) advised Banco Santander on a €99m financing granted to special purpose vehicles (“SPVs”) owned by Grenergy for the construction and operation of a portfolio of four photovoltaic plants in Ayora, Valencia, Spain. The financed portfolio has a total installed capacity of 171.74 MW.
Grenergy is a Spanish multinational clean energy producer. Founded in 2007, it has been listed on the Spanish stock exchange since 2015 and has a market capitalisation of €2bn. The company develops, builds and operates photovoltaic solar plants, whilst also being a pioneer in the energy storage industry.
Banco Santander ranks among Europe’s leading financial institutions, with a robust track record of supporting sustainable and green-energy initiatives.
The WFW Madrid Finance team that advised on Banco Santander was led by Partner Juan Vicente Barquilla, supported by Associates Álvaro del Real and Cristina Álvarez. Senior Associate Ignacio Soria and Associate Miguel Rubio advised on regulatory matters.
Juan Vicente commented: “We are proud to have advised Banco Santander on a project that has been heavily structured to overcome the challenges currently faced by the renewable energy market. Thanks to the combined expertise of all parties and their advisors, we were able to achieve a successful outcome. This transaction further reinforces our position as the go-to law firm for complex deals in the renewables sector. We are committed to supporting initiatives that drive the energy transition and foster a more sustainable future”.
Clifford Chance acted as Grenergy’s legal counsel.
