Cuatrecasas and Ontier on Naturmet Plus €60M biogas deal
Cuatrecasas has advised Naturmet Plus — a company backed by FIEE SGR, ABE Capital Partners and Grupo Oleofat, specialising in the recovery of waste and by-products of agro-livestock and agro-industrial origin — on the structuring of a project finance of approximately €60 million for the construction of three biomethane production plants in Andalusia and Extremadura. Ontier has advised Banco Bilbao Vizcaya Argentaria, (as agent and lender), Banco de Santander (as lender) and Abanca Corporación Bancaria (as lender) in the legal due diligence and in the structuring and execution of the projects.
The transaction, financed by BBVA, Banco Santander and Abanca, with Finergreen acting as financial adviser, ranks among the first project finance deals for the construction of a portfolio of biomethane production plants in Spain. Biomethane is a renewable gas obtained by purifying biogas generated through the decomposition of non-hazardous organic waste which, compared to fossil natural gas, drastically reduces CO2 emissions.
Founded in 2021, Naturmet has sought to bring a circular economy model to rural areas, focused on reducing greenhouse gas emissions and connecting those areas with industry through carbon-neutral or even negative-emission fuels.
Legal teams
The Cuatrecasas team advising on the transaction comprised partner Tomás Ugalde, and lawyers Irene Sanz and Julio Aznar from the Finance practice; partner Alejandro Bonitch, and lawyers Ignacio Giner and Irene Ortega from the Public Law practice; counsel Javier Calle from the Tax practice; and senior associate Sora Park from the corporate M&A practice.
The multidisciplinary team of Ontier included Israel Gómez-Caro (partner, Banking & Finance), Esteban Cuyás (legal director, Banking & Finance); Silvia San Felipe (legal manager, Regulatory and Public Law); Paula Rubio (senior associate, M&A); Elsa Errea (associate, Banking & Finance); Maria Luisa Cid (associate, Banking & Finance), Maria Colino (associate, M&A), Pedro de Ussia (associate, M&A), Adrián García Pacios (associate, Regulatory and Public Law), Jaime Rodriguez San Pedro (junior associate, Banking and Finance) and Rocio Tortosa (junior associater Banking & Finance).
Pictured above: Tomás Ugalde, Alejandro Bonitch
Pictured below: Esteban Cuyás, Silvia San Felipe, Israel Gómez-Caro and Paula Rubio
