Watson Farley & Williams advises on €423M Renovalia Solar refinancing

International law firm Watson Farley & Williams (WFW) has recently announced it has advised three banking syndicates led by Banco Santander on the €423 million debt refinancing of Renovalia Solar’s photovoltaic portfolio in Spain.

The portfolio, one of the largest of its kind in Spain, comprises three major photovoltaic projects- in Casa de los Pinos, Puertollano and Albacete – with an aggregate maximum capacity of 69 MW which were refinanced in three consecutive phases, with the last, Renovalia Solar 2, completing on 28th December 2015.

According to Renovalia's website, the Puertollano solar project, located in the province of Ciudad Real, has a capacity of 52 MW and started operations on 8 January 2008. The Albacete solar project, located in the province of Albacete, has a capacity of 11 MW and started operations on 9 January 2008. 

Renovalia Energy is a company which specializes in the promotion, engineering, construction of renewable energy projects. The company, operates in seven countries (USA, Canada, Mexico, Chile, Italy, Hungary and Spain), and has more than 600 MW in operation and under construction comprising ten wind farms, six solar photovoltaic plants, a small hydro center and a thermal solar plant.

The WFW team advising Renovalia Solar was led by partner Rodrigo Berasategui, head of the firm’s Spanish Banking & Finance practice, assisted by associate Aitor Errasti.

Rodrigo commented:

That WFW Madrid acted as lead adviser on the refinancing of Project Renovalia amply demonstrates once again our unrivalled expertise and experience – be it financial or regulatory – in the Spanish renewable energy space”.