CMS advises Seafood Legacy on aquaculture plant project
CMS Albiñana & Suárez de Lezo has advised Seafood Legacy Spain, a subsidiary of a Norwegian-owned group, on the negotiation and execution of a fixed-price, turnkey construction contract for the development of an industrial aquaculture facility located at the Port of Burela.
The project involves the development and construction of a technologically advanced Atlantic salmon farming facility using a recirculating aquaculture system (RAS). The works have been awarded to Espina Obras Hidráulicas under an EPC (engineering, procurement and construction) contract. This is one of the most significant aquaculture projects currently underway in Spain, supported by substantial public funding, with an estimated production capacity of up to 3,000 tonnes of salmon per year. The construction works are valued at approximately €100 million and are expected to be completed by the end of 2027.
CMS has also advised Seafood Legacy Spain on the structuring and negotiation of the financing for the execution of the project, amounting to approximately €57 million, granted by Banco Santander, the Instituto de Crédito Oficial, Abanca Corporación Bancaria, and the Instituto Galego de Promoción Económica (IGAPE).
The transaction was led by partners Álvaro Otero (real estate) and Alejandro González (banking & finance), together with counsel Borja Vázquez (banking & finance), principal associate Jorge Durán (real estate), and associates Ana Parejo (real estate), Ariadna Sanmartín (banking & finance) and Daniel García (banking & finance).
Pictured from left to right, Álvaro Otero and Alejandro González.
