Ashurst Advises on Masdar’s Solar Portfolio Acquisition Financing
Ashurst has successfully advised BNP Paribas and a syndicate of five other international banks—Banco Santander, Intesa San Paolo, First Abu Dhabi Bank, Abu Dhabi Commercial PJSC, and Sumitomo Mitsui Banking Corporation—as lenders on a major financing deal. The financing supports Abu Dhabi Future Energy Company PJSC (Masdar) in acquiring a 49.99% stake in a solar photovoltaic portfolio with an operational capacity of approximately 2 GW from Endesa. The deal is expected to close in the fourth quarter of 2024, pending regulatory approvals and other conditions.
This transaction is among the largest renewable energy deals in Spain in recent years, underscoring the growing importance of sustainable energy in the region. The financing is expected to play a pivotal role in helping Spain achieve its National Energy and Climate Plan (NECP) objectives and the EU’s net-zero energy goal by 2050.
Ashurst‘s team was led by partners Nick Pawson (Madrid, Banking and Finance), Andrés Alfonso (Madrid, Head of Sustainability and Energy Transition), and Jean Louis Neves Mandelli (Singapore, Projects and Energy). The team was supported by partner Jose Christian Bertram, Aitor Errasti, Sam Tetlow, Manuela Sanz, and Fátima Nieto (Banking and Finance team in Madrid). Additionally, Begoña de la Riva and Pedro Díaz (Corporate team in Madrid), Aarthi Raguraj (Dispute Resolution Trainee in Madrid), and Amanda Scribante (Senior Associate, Projects and Energy in Singapore) also played significant roles in the transaction.
