Watson Farley & Williams (“WFW”) advised Copenhagen Infrastructure Partners (“CIP”) and Arjun Infrastructure Partners (“Arjun”) on the €380m refinancing of the Monegros wind portfolio, one of Spain’s largest operational onshore wind platforms.
The portfolio comprises 12 operational wind farms located in Aragón, Spain, with a total installed capacity of 487 MW. The financing, granted by Banco Santander and BNP Paribas, will support the portfolio’s ongoing operation.
CIP is the world’s largest fund manager dedicated to investing in greenfield renewable energy projects. Its funds focus on investments in offshore and onshore wind – in which it is a world leader – solar photovoltaics, biomass and energy from waste, transmission and distribution, spare capacity, storage, advanced bioenergy and Power-to-X. CIP currently manages 12 funds and has raised approximately €29bn to date from 160+ international institutional investors for energy and associated infrastructure investments.
Arjun is an infrastructure fund manager focused on European core and core-plus mid-market infrastructure. Founded in 2015 and with offices in London and Paris, Arjun manages over €8.2 million in capital through funds and separately managed accounts. Arjun specialises in real infrastructure assets that provide essential services to society across digital, renewable energy, transport, utilities and circular economy sectors. Arjun has invested in Monegros since 2021.
The cross-border WFW Energy team that advised CIP and Arjun was led by Banking & Finance Partner Jose María Anarte, supported by Senior Associate Jacobo Hermidas and Associates Sara Estradera and Cristina Álvarez. They worked closely with Regulatory Partner Lidia Fernández, Corporate Partner Javier Ruffín, as well as with London Financial Markets & Products Partner Rob McBride and Associate Ambrose lp on English derivatives law matters.
José María commented: “We are delighted to have once again advised CIP and Arjun on such a significant transaction, which demonstrates the continued strength of the Spanish renewable energy market and lenders’ appetite for high-quality operational renewable assets. This transaction further reinforces WFW’s market-leading position advising sponsors and investors on complex renewable energy financings across both Spain and Europe”.
