WFW advises on €700m financing of 1,231MW solar portfolio

Watson Farley & Williams advised Natixis CIB and Banco Santander on a circa €700m greenfield project financing granted to Spanish Portfolio, a subsidiary of Grupo Cobra, for the construction, development, and operation of a 1,231 MWp photovoltaic portfolio comprising 21 plants located in Spain.

Natixis CIB is a French multinational financial services firm specialising in asset & wealth management and corporate & investment banking.

Grupo Cobra is a subsidiary of the French construction and industrial services group Vinci, focussed on the development, construction and maintenance of energy projects, most notably in the renewables sector.

Rodrigo commented: “We are grateful to Natixis CIB for choosing us to once again to advise them on a major transaction, this being one of the largest portfolio financings in terms of MW capacity to date in the Spanish renewables market as well as having complex and unique structure. That key players in the Spanish renewables sector regularly opt for WFW as their legal counsel on such big-ticket transactions highlights our unrivalled expertise in green and sustainable energy sector finance both in Spain and globally”.

The WFW Madrid Finance team advising Natixis CIB and Banco Santander was led by partner Rodrigo Berasategui, working closely with senior associate Antonio Cáneva and associates Beltrán Silva and Arancha Ruesta. Senior associate Ignacio Soria and associates María Vela and Lucas Serna advised on the regulatory aspects of the transaction.