SPB advises BayernLB on €55m PPA project financing
Squire Patton Boggs has advised German bank BayernLB on a €55 million non-recourse senior secured portfolio project finance facility to Solaria
A Squire Patton Boggs cross-office team has advised German bank Bayerische Landesbank (BayernLB) on a €55 million non-recourse senior secured portfolio project finance facility to Solaria for the financing of the construction and commissioning of three solar PV plants in Spain with a total capacity of 105 MWp. Solaria is one of Spain’s most accomplished photovoltaic developers and solar power producers and a long-standing client of the firm.
The PV plants, located in the Spanish regions of Castilla-La Mancha and Castilla-León, are scheduled to be connected to the grid in June 2021. The solar power generated will be marketed via a private power purchase agreement (PPA) with the leading Swiss electricity producer and energy service provider Alpiq. BayernLB acted as sole lead arranger bank, lender and account bank. The transaction confirms the position of BayernLB as a top lender in renewable energy in the Iberian market. Listed in the Ibex-35 benchmark stock market index of the Spanish stock exchange, Solaria is a leading PV developer and green power generation company.
A Squire Patton Boggs cross-office team from the Madrid, Frankfurt and London offices provided full advice to BayernLB on financing and due diligence matters. The team was led by Madrid Financial Services partner Manuel Mingot (pictured left) and Real Estate partner Alfonso López (pictured right) and included Financial services partners Jens Rinze (Frankfurt) and Ian Yeo (London), Corporate of-counsel Jesús Avezuela (Madrid) in Public law matters, and Financial Services associates Alice Moserova (London), Antón Ramil (Madrid), Cristina Fernández (Madrid) and Alberto París (Madrid).