Clifford Chance advises on the first state-backed guarantee for energy intensive consumers of CESCE

Clifford Chance has advised Compañía Española de Seguros de Crédito a la Exportación (CESCE) on its first state-backed guarantee for energy-intensive consumers.

The firms team was led by global financial markets partner José Guardo who was supported by associates Juan Puras and Angel Muñoz.

The team’s involvement in this transaction demonstrates Clifford Chance’s leading position as the go-to advisor in the most innovative deals in the spanish market.

The guarantee has been granted in the context of a Power Purchase Agreement (PPA) executed between Sidenor Aceros Especiales as buyer and Sonnedix as seller. This is the first time CESCE issues a state-backed guarantee under Royal Decree 1106/2020 of 15 December, regulating the status of the energy-intensive consumers.

Julia Gil