Squire advises on corporate PPAs for €100m project financed solar PV assets in Spain
Squire Patton Boggs has advised on the regulatory and financing aspects of long-term Corporate Power Purchase Agreements (PPAs), signed by Clean Power Spain Fin Holdings with major retail companies Obramat and Leroy Merlin.
The Corporate PPAs form part of a €100 million project financing arranged by the sponsor with German bank NORD/LB, supporting the development of new renewable energy capacity in Spain. Over the next 10 years, these agreements will enable both retail groups to source around 30% of their annual electricity consumption in Spain from solar-generated clean energy, reinforcing their commitment to sustainability, energy transition, and decarbonisation.
The renewable electricity generated is injected into the Spanish national grid and certified through Guarantees of Origin (GoOs) issued by the CNMC (National Commission on Markets and Competition). The project forms part of the L&G NTR Clean Power (Europe) III portfolio, focused on renewable energy infrastructure investments across Europe.
Under the agreements, Obramat will secure an annual volume of 10.89 GWh, while Leroy Merlin will contract 45.6 GWh per year, marking a landmark deal for corporate renewable energy procurement in Spain.
The team was led by Antonio Bañón (Energy and Public Law practice), and José Luis Iriarte, (Banking & Finance practice) in Spain.
