Watson Farley & Williams (“WFW”) has advised a consortium of lenders comprised of Banco de Sabadell (“Banco Sabadell”), Abanca Corporación Bancaria (“Abanca”), Caixabank (“Caixa”), BNP Paribas (“BNP”), Unicredit Bank (“Unicredit”) and Instituto de Crédito Oficial (“ICO”) on a €612m financing granted to Repsol Renovables (“Repsol”) regarding a Spanish renewable energy portfolio compromising wind and photovoltaic assets with a total installed capacity of 700+ MW.
This transaction represents Repsol’s second renewable project financing, following a €348 m financing secured in December 2024 for the construction and development of a 400 MW Spanish renewable energy portfolio.
Founded in 1881, Banco Sabadell is one of Spain’s leading banking groups and listed on the IBEX 35. With a presence in 15 countries, it has commercial banking offices in Spain, the United Kingdom and Mexico.
Abanca was founded in 2011 following the transformation of NCG Banco. Headquartered in Galicia, Spain, it has a network of 680 offices across Spain and an international presence in the UK, Germany, France, Switzerland, Portugal, Brazil, Venezuela, Panama, Mexico and the USA.
CaixaBank, established in January 2011 and listed on the Madrid Stock Exchange on IBEX 35, is one of the main financial groups in Spain. It has 5,300+ branches in Spain and operates in more than 20 countries internationally.
BNP Paribas, born in May 2000 after the merger of BNP and Paribas, is one of the largest banks in Europe. It is headquartered in Paris and listed on Euronext Paris, forming part of the CAC 40 index.
UniCredit was formed from the merger of multiple Italian financial institutions. It is listed on the Milan and Frankfurt Stock Exchanges and part of the Euro Stoxx 50 index.
The ICO is a Spanish corporate state-owned entity, attached to the Ministry of Economy, Trade and Enterprise via the State Secretariat for Economy and Enterprise Support. It promotes national sustainability as a pillar of its strategy and activities.
The WFW Madrid Energy team that advised the lenders was led by Banking & Finance Partner José María Anarte, working closely with Senior Associate Antón Ramil and Associates Sara Estradera and Miquel Ros. Regulatory advice was provided by Partner Luis González with Senior Associate Paula Pérez and Associate Claudia González. London Partner Rob McBride and Associate Kristina Buckberry advised on the English law aspects of the transaction.
José María commented: “We are very grateful to have once again had the opportunity to advise the lenders on major portfolio financing for Repsol. The fact that we were instructed on such a matter by leading players in the Spanish renewables market highlights WFW’s position as a benchmark firm in thar sector”.
