VdA advises Finerge on €150m PV financing

VdA has counselled Finerge on the financing for the acquisition of solar parks in Portugal and Spain

VdA assisted Finerge in the process of reaching an agreement with several operators in the banking system to finance €150 million as part of its strategy to boost growth by acquiring solar parks in Portugal and Spain.

Founded in 1996, Finerge is the second-largest renewable energy producer in Portugal and the sixth-largest wind operator on the Iberian Peninsula. It has experience at various levels of the value chain, from design and project development, through plant construction and operation. Within its 659 wind turbines installed in the 53 wind power stations it operates, and the 16 photovoltaic solar power stations in Portugal and Spain, Finerge currently has an installed capacity of 1,339 MW, producing around 3,200 GWh per year, avoiding the emission of 1,801 kton of CO2. Finerge, directly and indirectly, employs approximately 200 people.

This year Finerge acquired ten solar parks in Portugal. The first four in March and the last six in September, totalling an installed capacity of 47.6 MW in our country, in solar energy. By the end of last year, the company had already acquired six photovoltaic plants in Spain, with a total installed capacity of 8.1 MW.

The bank consortium counted with Santander, MUFG, BBVA and Bankinter combined to grant the closing of the €150 million.

VdA team that advised Finerge on the funding contract was led by Infrastructure and Mobility partner Teresa Empis Falcão (pictured left), and Energy and Natural Resources partner Ana Luís de Sousa (pictured right), and involved Infrastructure and Mobility associate Beatriz Pereira da Silva.

This financing also involved the participation of lawyers from various jurisdictions:

The borrower (Finerge Group) was assisted in Portugal by VdA, in Spain by Pérez-Llorca, and in Luxembourg by Loyens & Loeff

The consortium of banks was assisted in Portugal by Morais Leitão, Galvão Teles, Soares da Silva & Associados with a team led by Banking partner Filipe Lowndes Marques, and involved counsel Filipa Morais Alçada, and associates Anna Zemskaia and Duarte Reis. 

by King & Wood Mallesons in Spain and in Luxembourg by Elvinger Hoss Prussen.