WFW and PwC Tax & Legal on floating renewable platform project

Watson Farley & Williams has advised Magallanes Renovables on the development of its ATIR 2.0 project, a pioneering floating platform for renewable energy generation based on tidal currents. The firm advice covered the structuring and closing of the project finance, as well as the negotiation and drafting of the EPC and O&M contracts.

In this operation, PwC Tax & Legal has advised the Fondo para la Internacionalización de la Empresa (FIEM) and the Instituto de Crédito Oficial (ICO), as the State’s financial Agency, on the granting of the financing to Magallanes Renovables. PwC Tax & Legal’s advice has covered the drafting, negotiation and execution of the financing agreement and the corresponding Spanish and UK security associated with the financing.

The project has secured financing for its development, granted to a special purpose vehicle owned by Magallanes Renovables, enabling the advancement of one of the most innovative tidal energy initiatives currently under development worldwide.

The ATIR 2.0 platform will be built in Vigo (Spain) and subsequently installed and operated in Scottish waters. The project will be developed off the coast of Scotland under a contract for difference awarded by Low Carbon Contracts Company Limited (UK Government). It will also generate renewable electricity from tidal currents with an installed capacity of 1.5 MW.

It is 53.6 metres long and 7 metres wide. The platform will be equipped with two counter-rotating turbines with a diameter of 20.5 metres. The platform is expected to significantly improve energy conversion rates compared to conventional marine systems.

Magallanes Renovables is a leading Spanish company specialising in marine renewable energy, with a strong track record in the development of cutting-edge technology for clean and sustainable power generation.

Advisors

The WFW Madrid Energy team advising Magallanes Renovables was led by Finance partner Juan Vicente Barquilla, working closely with senior associate Beltrán Silva and associate Cristina Álvarez. They were supported by Asset Finance partner Alfredo Cabellos and counsel María Pery.

The PwC Tax & Legal team advising FIEM and ICO was led by banking & finance partner Beltrán Gómez de Zayas, working together with senior manager Emilio Aparicio and senior associates Guillermo Díez and José Ignacio González (all pictured below, from left to right).