Watson Farley & Williams (“WFW”) advised Natixis on a €145m project finance refinancing granted to Greenalia Biomass Power Curtis-Teixeiro S.L.U., a subsidiary of Greenalia S.A., for its biomass power plant in Curtis-Teixeiro, A Coruña, Spain.
The Curtis-Teixeiro biomass plant is one of the largest in Southern Europe, which has been operational since 2020. The facility plays a key role in renewable energy generation in the region, producing 375 GWh in 2025 and achieving approximately 7,500 net exportable hours, reflecting strong operational performance and availability.
The transaction is structured as a fully subscribed project finance facility by Natixis. The refinancing represents a significant milestone for Greenalia, supporting the optimisation of its capital structure and is expected to generate annual financial savings of over €6.5m.
The Curtis-Teixeiro plant uses certified forest biomass (FSC and PEFC), contributing to sustainable forest management and fire prevention by promoting the recovery of forestry residues that would otherwise go unused.
Natixis is a French corporate and investment bank and part of Groupe BPCE, one of the largest banking groups in Europe. It is active globally in structured finance and energy and infrastructure projects, with a strong track record in renewable energy financing.
Greenalia is a Spanish renewable energy company focussed on the development, construction and operation of renewable generation assets, including biomass, wind and solar projects.
The Madrid WFW Energy team advising Natixis was led by Finance Partner Rodrigo Berasategui, supported by Senior Associate Beltrán Silva and Associate María Heredero. Regulatory advice was provided by Partner Lidia Fernández and Senior Associate Paula Pérez. Senior Associate Javier Gabiña advised on tax matters.
Rodrigo comments: “We are delighted to have supported Natixis on this important refinancing which underlines the continued relevance of biomass assets within Spain’s energy transition and highlights the strength of the project finance market for operational renewable assets”.
