Grenergy closes the financing of Ayora for €99m: Advisors
Grenergy has closed non-recourse financing totalling EUR 98.8 million, including EUR 13.6 million in credit lines, for the Ayora photovoltaic plant. The project, located in Valencia (Spain), has an installed capacity of 172 MW.
The financing was arranged entirely with Banco Santander. The solar plant, which has already been built, is currently in the commissioning phase. In addition, Ayora already has a 15-year power purchase agreement (PPA).
Grenergy is a Spanish multinational clean energy producer. Founded in 2007, it has been listed on the Spanish stock exchange since 2015 and has a market capitalisation of €2bn. The company develops, builds and operates photovoltaic solar plants, whilst also being a pioneer in the energy storage industry.
Banco Santander ranks among Europe’s leading financial institutions, with a robust track record of supporting sustainable and green-energy initiatives.
Advisors
Watson Farley & Williams has advised Banco Santander. The Madrid Finance team was led by partner Juan Vicente Barquilla, supported by associates Álvaro del Real and Cristina Álvarez. Senior associate Ignacio Soria and associate Miguel Rubio advised on regulatory matters.
Clifford Chance acted as Grenergy’s legal counsel.
