Gold and Uría advise on La Galera green project financing
Gold Abogados advised BBVA on the financing of La Galera biomethane project, owned by Ence Group under an innovative green project finance scheme. Uría Menéndez advised the borrowers (ENCE Group) in this complex Project Financing. This is one of the first biomethane production facilities in Spain, with a capacity of 50GWh, and the financing has been developed under the innovative project finance scheme.
“BBVA reaffirms its commitment to accompany its customers in the energy transition by financing the acquisition of the La Galera biomethane plant by ENCE”, states Gold in a press release.
ENCE, the European leader in the production of eucalyptus pulp and the first Spanish company in the production of renewable energy with agricultural and forestry biomass, will apply a plan to reorient its production process at this plant, completing it with the manufacture and marketing of organic fertilizers in accordance with European regulations. Specifically, the organic biofertilizers produced will be registered under EU regulation 1009/2019.
This approach will favor decarbonization, since the biofertilizer produced will not consume fossil energy, saving emissions and contributing to the energy autonomy of our country. In addition, this business model will support denitrification thanks to the management of organic biomass and the substitution of inorganic materials, avoiding soil and aquifer contamination.
Legal advisors
Gold Abogados advised BBVA with a team comprising Israel Gómez-Caro (partner banking & finance) and Adrian Jimenez (associate).
Uría Menendez team advised ENCE Group with a team comprising Luis Jimenez López (partner banking & finance), José Miguel Egea (senior associate), Santiago Sainz Ruiz (senior associate) and Pablo Daza Gonzalez (associate).
On the picture, Israel Gómez-Caro (left) and Luis Jimenez López (right).
