SPB and Pinsent Masons advise on three solar PV projects in Spain

Squire Patton Boggs and Pinsent Masons have advised on the financing of three solar projects with a combined installed capacity of 115MW. SPB has advised leading German bank NORD/LB and Pinsent Masons has advised Clean Power Spain Fin Holdings.

Image: Manuel Mingot (Squire Patton Boggs partner) and José Millán (Pinsent Masons partner)

The portfolio consists of two sites in Castilla la Mancha and one in Andalucía. All are under construction, but the first plant is already exporting power and is expected to reach commercial operation this month. NORD/LB, the sole debt provider and hedging counterparty, has provided project debt facilities of around €50 million for a term of 18 years.

Once fully operational, the facilities will have a combined capacity of 115 MWp, producing enough clean energy to power 51,424 homes. Power purchase agreements (PPAs) have been signed with three parties, Nestlé Spain and Nestlé Portugal, Huhtamaki and Holaluz, which will use 70% of the energy generated in the three projects over the next 10 years.

A cross-border and cross practice team of Squire Patton Boggs from the Madrid, Frankfurt and London offices Patton Boggs team advising NORD/LB comprised Manuel Mingot (Partner), José Luis Iriarte (legal director), Antonio Bañón (legal director), Ana Bohórquez (of counsel), Manuel Gómez (senior associate), Jaime Arca (associate), David Calleja (associate) and Romulo de Palou (lawyer). José Aguilar and Valle de Lara advised on the tax aspects of the project finance transaction.

Frankfurt partner Jens Rinze advised on German law aspects. London Partner Leona McManus and director Tom Dell’Avvocato provided advice on English law hedging issues.

The Pinsent Masons team was led by finance partner José Millán with support from Jesús Priego and Pedro Gila.