Watson Farley & Williams (“WFW”) advised Elawan Energy (“Elawan”) on the structuring and implementation of two large-scale portfolio financing facilities, known as Himalaya, with an aggregate value of approximately €760m.
The financing brings together a portfolio of operating renewable energy assets in Spain comprising 1+ GW of installed solar photovoltaic and onshore wind capacity. It also provides financing for the development and construction of approximately 300 MW of additional renewable energy projects, for a total financed capacity of more than 1.3 GW. The facility supports both the operation of the existing portfolio and the continued expansion of Elawan’s renewable energy business in Spain. It also includes mechanisms to facilitate the future hybridisation of certain assets through the integration of battery energy storage systems (BESS), as well as an incremental facility for the future incorporation of projects from Elawan’s development pipeline of 2+ GW.
WFW advised Elawan on all aspects of the transaction, including negotiating the financing documentation, reviewing and negotiating key project agreements and a regulatory analysis of the portfolio and associated development assets. WFW also advised on and coordinated the repayment and release of nine existing financing facilities refinanced as part of the transaction.
Elawan Energy is a leading global renewable energy company with a diversified portfolio of wind, solar and hydro assets across multiple jurisdictions. It develops, builds, finances and operates renewable energy projects and continues to play a key role in supporting the energy transition through the delivery of sustainable power infrastructure.
The WFW Madrid team advising Elawan was led by Finance Partner Juan Vicente Barquilla, supported by Senior Associate Antón Ramil and Associates Álvaro del Real, María Heredero and Cristina Álvarez. They worked closely with Partner Luis González and Senior Associate Paula Pérez on the regulatory aspects of the transaction.
Juan Vicente commented: “We are delighted to have advised Elawan on one of the most significant portfolio financings in the Spanish renewables market in recent years. These transactions demonstrate the continued maturity of renewable energy financing structures, combining a large base of operating assets with financing for future growth within a single integrated platform. The transaction is particularly notable for incorporating a multi-technology approach, including the financing of BESS systems, a technology playing an increasingly important role in the evolution of the Spanish renewables market, and the hybridisation of existing operational assets. The strong support received from the lending syndicate highlights the quality of Elawan’s asset base and its long-term strategic position in the Spanish energy sector. This mandate further reinforces WFW’s leading role advising sponsors and investors on complex, large-scale renewable energy financings across Europe”.
The syndicate of lenders were advised by Clifford Chance.
