Watson Farley & Williams (“WFW”) advised Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) on a c. €38m green loan granted to Solarpack via a special purpose vehicle (“SPV”) for the construction, development and operation of a 54.1 MWp photovoltaic plant currently in ready-to-build status in Murcia, Spain. The loan was structured as a green facilities agreement.
Solarpack is a multinational group of companies specialising in the development, financing, construction, operation and management of utility scale solar photovoltaic power plants, with a presence in fast-growing markets in Europe, the Americas, Asia and Africa.
The WFW Madrid Finance team advising BBVA was led by Partner Rodrigo Berasategui, working closely with Senior Associate Antonio Cáneva and Associates Sara Estradera and María Heredero. They were supported by Counsel Luis González on the regulatory aspects of the transaction and by Partner Katherine Best on English law matters.
Rodrigo commented: “We are grateful to Solarpack for choosing WFW to advise them on this milestone green financing for the Spanish energy market. That such a key market player opted for us to support them on this technically challenging transaction highlights WFW’s standing as a ‘go to’ law firm for sustainable finance expertise in sector both in Spain and globally”.