Clifford Chance advises Natixis CIB on financing provided to Elawan Energy for 23 small hydropower plants

Clifford Chance has advised Natixis CIB on the financing provided to Elawan Energy for 23 small hydropower plants located in northern Spain, with a combined installed capacity of 175 MW. The EUR 76 million transaction was structured as a non-recourse project finance deal and aligns with the company’s sustainability principles and energy transition objectives.

Of the 175 MW, 134 MW come from eight storage-based facilities utilising dams or balancing reservoirs, while the remaining 41 MW are distributed across 15 run-of-river plants. The plants operate under long-term concessions for the use of water resources, and the energy generated is sold on the wholesale electricity market, provide stable medium- to long-term revenue.

The team was led by Global Financial Markets partner José Guardo, together with counsel Eduardo Sánchez and associates María González and Lucía Domínguez. The team also included the paralegal Samuel Adolfo Grau, senior associate Ángel Muñoz, for hedging matters, and associate Mónica Romero, for regulatory matters.