Watson Farley & Williams (“WFW”) advised BNP Paribas Asset Management, Santander, Banco Sabadell and Banco Cooperativo Español, acting as lenders, on the €222m financing of a portfolio of hybrid solar photovoltaic (“PV”) and battery energy storage system (“BESS”) projects in Spain owned by BRUC Alter Energías Renovables, S.A., a joint venture owned by BRUC and Alter Enersun.
The financing combines the financing of an operational 208 MW PV portfolio with the financing for the construction of 118 MW/472 MWh of co-located BESS capacity across four projects in Extremadura and Andalucía, Spain. This creates an integrated renewable generation and storage portfolio designed to optimise the management and distribution of renewable electricity.
The transaction forms part of BRUC and Alter Enersun’s strategy to further integrate renewable generation and energy storage, reinforcing the growing role of hybrid renewable projects in Spain’s energy transition. The addition of battery storage capacity enables the storage of the electricity generated by the photovoltaic plants and facilitate its dispatch according to system requirements, providing greater flexibility to renewable generation.
BRUC is a leading independent renewable energy platforms in the Iberian market, with a diversified portfolio of renewable generation assets. Alter Enersun is a leading Iberian renewable energy company with photovoltaic installations across Spain, Portugal and Italy.
The WFW Madrid Energy team that advised the lenders was led by Finance Partner José María Anarte, supported by Senior Associate Antón Ramil and Associate Sara Estradera.
José María commented: “This transaction highlights the growing convergence of renewable generation and energy storage in Spain’s energy market. The financing of a portfolio combining operating photovoltaic assets and large-scale battery storage reflects the increasing sophistication of the country’s renewable energy sector and the evolution of financing structures required to support it. We are delighted to have advised the lenders on a landmark transaction at the forefront of this trend, an area in which WFW continues to play a leading role”.
