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WFW advises Cerberus on €130M refinancing of four Spanish wind farms

14 March 2017

International law firm Watson Farley & Williams (WFW”) successfully advised Cerberus Capital Management (“Cerberus”), through its Spanish affiliate Renovalia Energy Group, S.L., on the €130M refinancing of a portfolio comprising four Spanish wind parks.

With an aggregated capacity of 105.8 MW, the four parks are Sierra Sesnández in Zamora (20 MW), Loma del Capón in Granada (30,6 MW), Magaz in Palencia (30 MW) and Cova da Serpe II in Lugo (25,2 MW).  All four parks, acquired by Cerberus in February 2016, had previously been financed by different banks under a project finance structure. The new refinancing structure integrates the previous financing for all four projects.

The syndicate of banks for the current refinancing consisted of CaixaBank, S.A., Banco Bilbao Vizcaya Argentaria, S.A. and Banco de Sabadell, S.A.

The WFW Madrid team advising Cerberus was led by Spain Managing Partner María Pilar García Guijarro, assisted by Finance Senior Associate José María Anarte and Associate Juan Vicente Barquilla, and Corporate Associate Eduardo Dachary. Partner David Diez and Associate Lidia Fernandez advised on regulatory matters.

María Pilar commented: “To have worked once again with Cerberus on was a pleasure. That they chose WFW to advise them on this transaction, as well as on their previous acquisitions of Renovalia, Prudential’s Spanish PV portfolio and the Pujolt and Turó del Magré wind farms in Catalonia, demonstrates we are their ‘go-to’ law firm in this sector. Indeed with our recognised expertise in both renewables and private equity, WFW really are the perfect advisers on such transactions at both a domestic and international level”.

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