WFW advises on €38m green financing granted to Solarpack for its new pv plant

Watson Farley & Williams has advised BBVA on an approximately €38m green financing granted to a special purpose vehicle (SPV) within Solarpack’s group of companies in connection with the construction, development and operation of a 54.1 MWp photovoltaic plant currently in ready-to-build status in Murcia, Spain. The financing was structured through a green facilities agreement.

Solarpack is a multinational company specialising in the development, financing, construction, operation and management of utility scale solar photovoltaic power plants, with a presence in fast-growing markets in Europe, the Americas, Asia and Africa.

The WFW Madrid finance team advising BBVA was led by partner Rodrigo Berasategui, working closely with senior associate Antonio Cáneva and associates Sara Estradera and María Heredero. They were supported by counsel Luis González for the regulatory aspects of the transaction and by partner Katherine Best for English law, among others.

Rodrigo commented: “We are very grateful to Solarpack for the trust placed in us to advise them on this green financing, which was a technically challenging milestone transaction for the Spanish energy market. Solarpack is a key player in Spain’s ever-expanding renewable energy market and the fact that they chose to instruct us highlights WFW’s standing as a ‘go to’ law firm for sustainable finance expertise in the sector both in Spain and globally”.

Julia Gil