CC advises banks on solar park financing

Clifford Chance has advised banking consortium on the financing of Cabrera Solar park in Seville

International law firm Clifford Chance has advised a banking consortium comprising Deutsche Bank AG, the European Investment Bank and Coöperatieve Rabobank U.A. on the financing of four solar plants in Spain jointly know as Cabrera Solar. The project is being owned and operated by the Hamburg-based renewable energy project investor and operator Encavis AG and was being developed and built by the project developer Solarcentury – the global integrated solar power company (headquartered in the UK). The financing provided by the European Investment Bank is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, also known as the Juncker Plan.

The solar plants are located in the municipality of Alcalá de Guadaíra, Seville in the autonomous region of Andalusia in Spain. With a generation capacity of around 200 megawatts in aggregate (50 MW each), the project will be one of the largest solar parks in Spain. The plants are scheduled to be connected to the power grid towards the last quarter of 2020. The project is being built without any subsidies and the financing is based on a long-term power purchase agreement the project companies have concluded with Amazon.

The international Clifford Chance team comprised Frankfurt office Banking & Finance partner Christof Häfner (pictured left), Madrid office Banking & Finance partner José Guardo (pictured right), Perth office Banking & Finance senior associate Dominik Kepinski, Frankfurt office Banking & Finance associate Sarah Katharina Winter, Madrid office Banking & Finance lawyers Marta Ruiz and Álvaro Cabaleiro and Frankfurt office Banking & Finance lawyers Sonja Lukner with legal support assistants Antonia Kipry and Cornelia Lambert.