BRUC closes the financing of 570 million euros for the construction of 842 MW of solar power: Advisors

BRUC has closed a €570 million financing agreement with Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA and Unicaja. These resources will enable the construction of solar photovoltaic power generation plants totalling 842 megawatts (MW).

The financing is classified as a “green loan”. Banco Santander acted as financial advisor, hedge coordinator and green loan coordinator. ING, BNP Paribas, and Crédit Agricole CIB acted as bookrunners and together with Sabadell, BBVA and Unicaja close the group of MLAs and hedge providers. The plants, whose construction will be partially financed by these funds, are located in the provinces of Seville, Malaga, Cadiz and Soria. All of them will have Power Purchase Agreements (PPA) with leading offtakers, including Pfizer, Alstom and Grupo Roca.

These plants will generate 1,400 jobs during the construction phase. Once they come into operation, expected in 2024 and 2025, they will generate the energy equivalent to the consumption of 421,000 households and avoid the emission of 33,680,000 tonnes of CO2.

BRUC currently has 1,100 MW in operation. By the end of the year, it will add a further 2,000 MW under construction. BRUC’s total portfolio amounts to 8,500 MW, of which 8,400 MW are in the Iberian Peninsula and 100 MW in Japan.

Linklaters has advised the lenders with a team from the banking area: Juan Barona (partner), Javier Hernández (counsel), Cristina Muiño (associate) and Patricia Rovira. From the public law: Gonzalo Sanz (lawyer) and Alejandra Arribas (lawyer).

Allen&Overy has advised BRUC with partner Vanessa Cuellas and senior associate Núria Ferré.