Dentons and Ontier advise on €37m Project Finance for major avocado agribusiness in Spain

Banco Santander has structured and financed a €37 million agribusiness project in Spain, supporting the acquisition of agricultural land and the development of a large-scale avocado plantation. The investment, backed by Spanish firm Arcano Partners, is regarded as one of the most significant agribusiness project finance transactions in Spain in 2025.

The project involves Qultiva Farms, its affiliates, and relevant shareholders, who were advised during the structuring, negotiation, and closing of the financing.

Importantly, the transaction was structured under a customized 37 million euros project finance scheme tailored to the specific characteristics of the agribusiness sector, including long-term investment horizons and development risks. Instituto de Crédito Oficial (ICO), Spain’s public bank, participated in the financing alongside other private financial institutions.

Advisors

Dentons acted as lead counsel to Banco Santander and ICO, advising on all legal aspects of the deal. The firm’s team provided comprehensive support, including the structuring and negotiation of the financing, drafting of security packages under Spanish law, coordination with guarantor entities, and negotiation of hedging and ancillary documentation. Dentons also advised on the refinancing of existing debt and on the financing of both capital expenditures and working capital requirements. The firm team was led by Luis Belart (Partner, Banking and Finance), supported by Ignacio Fernández (Senior Associate), Miguel del Río (Associate), Adelaida Torres (Associate) and María Morales (Junior Associate).

Ontier advised Qultiva Farms, its affiliates, and shareholders. The firm team was led by Israel Gómez-Caro (Partner, Banking & Finance) with the support of Esteban Cuyás (Director), Cristina Rosado Sibón (Senior Associate) and María Luisa Cid (Junior Associate).