WFW advises lenders on €222M BRUC financing
Watson Farley & Williams (WFW) advised BNP Paribas Asset Management, Santander, Banco Sabadell and Banco Cooperativo Español, acting as lenders, on a €222m financing for a portfolio of hybrid solar photovoltaic (PV) and battery energy storage system (BESS) projects in Spain. The portfolio is owned by BRUC Alter Energías Renovables, a joint venture between BRUC and Alter Enersun.
The financing combines funding for an operational 208 MW PV portfolio with funding for the construction of 118 MW/472 MWh of co-located BESS capacity. The BESS capacity is spread across four projects in Extremadura and Andalucía, creating an integrated generation and storage portfolio designed to optimise the management and distribution of renewable electricity.
The transaction forms part of the strategy of BRUC and Alter Enersun to further integrate renewable generation and energy storage, and reflects the growing role of hybrid renewable projects in Spain’s energy transition. Adding battery storage allows the electricity generated by the PV plants to be stored and dispatched according to system requirements, giving renewable generation greater flexibility.
BRUC is an independent renewable energy platform in the Iberian market with a diversified portfolio of generation assets. Alter Enersun is an Iberian renewable energy company with photovoltaic installations in Spain, Portugal and Italy.
The team
The WFW Madrid Energy team that advised the lenders was led by finance partner José María Anarte, supported by senior associate Antón Ramil and associate Sara Estradera.
