Dentons on €100m Seafood Legacy financing

Dentons has advised on the €100 million project financing of Seafood Legacy, an aquaculture infrastructure project located in Galicia.

The deal

The transaction has been structured as a project finance following a five-year development process, with support from Eksfin and public institutions including IGAPE, FEMPA and ICO. The structure combines a concessional framework with an EPC contract awarded to Espina. Banco Santander acted as coordinating bank of the financing syndicate. The project focuses on the production of Atlantic salmon using Recirculating Aquaculture System (RAS) technology, incorporating water recirculation systems designed to reduce environmental impact.

The team

Dentons’ team was led by Luis Belart (pictured), partner, with Miguel Barroso, partner, advising on public law and Fermín Garbayo, partner, on project contracts. Associates Mar Sánchez-Contador and Ignacio Fernández also worked on the transaction.