Clifford Chance advises the mandated lead arrangers and hedge providers on the c. EUR 94m project financing for the construction of three wind farms in Spain

Clifford Chance advises the mandated lead arrangers and hedge providers on the c. EUR 94m project financing for the construction of three wind farms in Spain

Clifford Chance has advised Banco de Sabadell, S.A., Banco Santander, S.A. and SMBC Bank EU AG as mandated lead arrangers and hedge providers on the long-term limited recourse project financing for an aggregate amount of c. EUR 94m in respect to the construction of three wind farms located in Albacete (Spain) with a maximum aggregate capacity of approximately 150 MW.

The wind farms are owned indirectly by Elawan Energy, S.L. and will be benefiting from the latest auction approved by the Spanish government, under the Royal Decree 960/2020 of 3 November, regulating the renewable energy economic regime for facilities generating electric energy (Real Decreto 960/2020, de 3 de noviembre, por el que se regula el régimen económico de energías renovables para instalaciones de producción de energía eléctrica).

All three wind farms are currently under construction and are expected to achieve commercial operations on summer 2022. They will be generating clean energy for over 115,000 households, with an expected annual aggregate production of 400 GWh.

The Clifford Chance team included Madrid Project Finance lawyers Eduardo Sánchez, Gabriel Miranda, Alejandro Cubillo and partner José Guardo and Capital Markets lawyer, Ángel Muñoz.

Clifford Chance has a team that specialises in environmental, social and corporate governance (ESG) standards and the legal advice on this deal reflects our team's commitment to shaping innovative financing structures of this type.