WFW advises on a €65M pre-construction debt

Watson Farley & Williams has advised IKAV on a €65m pre-construction debt for a 767MW portfolio comprising twelve wind farms and seven solar photovoltaic plants currently under development in the region of Aragón, Spain, granted to Forestalia in connection with the required investment costs and equipment supply for the portfolio.

Forestalia is a developer and operator of energy projects intended to support the energy transition towards a decarbonized model that is a source of job creation and local development, especially in rural areas. The company specializes in generating renewable energies such as wind, photovoltaic and biomass, thereby responding to the energy needs of the population at a national and international level in a sustainable and efficient manner.

IKAV is an international asset management group headquartered in Hamburg with local offices in Germany, Luxembourg, Italy, Spain, Portugal, France and USA. Established in 2010 and with a growing team of over 350 professionals, the group has a proven ability to identify real assets with an attractive risk/reward profile. IKAV provides institutional investors with investment solutions spanning a broad range of energy infrastructure assets including PV, CSP, wind, energy efficiency, geothermal and conventional energy.

The WFW Madrid team advising IKAV was led by partner Rodrigo Berasategui, head of the structured finance team working closely with his team members, senior associate Juan Vicente Barquilla and associates Antón Ramil and Arancha Ruesta.

Rodrigo commented: “We are very pleased to have advised IKAV in this important transaction for the Spanish market, a key bridge financing that Forestalia has obtained to develop its projects’ pipeline close to ready to build status. The success of this transaction demonstrates the team’s excellent knowledge of the specific aspects of the renewable energy sector and, in particular, the financing needs faced by sponsors during the development phase regarding solar photovoltaic and wind projects”.

Julia Gil