Watson Farley & Williams (“WFW”) advised Banco Santander on a €271m innovative financing granted to Equitix for the refinancing, construction and development of a hybridised renewable energy system spanning multiple Spanish regions.
With a total combined capacity of 320+ MW, the portfolio comprises two onshore operating wind farms in the process of being hybridised with two solar PV projects and a battery storage facility, as well as two other wind farms close to ready-to-build status. Together, these high-quality projects will save over 140,000 tons of CO2 emissions per year helping the Spanish government achieve its net zero 2030 goals.
The financing included a term loan facility to refinance the existing debt of the operating wind farms as well as a capex facility to fund the construction and development of the projects currently under development.
Santander is a leading Spanish multinational financial services group and one of the largest banking institutions in the world with a deep-rooted commitment to promoting sustainable finance embedded in both its strategy and culture.
Equitix is a leading global investor, developer, and long-term fund manager of core infrastructure assets with a strategic partnership with Capital Energy, a renewable energy investor active across the renewable energy generation value chain, to deliver hybridised energy projects in Spain.
The WFW Madrid team that advised Banco Santander was led by Finance Partner José María Anarte, working closely with Senior Associate Laura Fontán and Associates Beltrán Silva and Álvaro del Real. Regulatory expertise was provided by Partner Luis González and Associates Isabel Rodríguez de Codes and Rocío Saadeh.
José María commented: “We are pleased to have been able once again to help promote global innovative sustainability initiatives in the Spanish banking sector and beyond. We thank Banco Santander and Equitix for trusting us to support them in getting this significant financing over the finish line. That such key players in the Spanish renewable energy market chose us as advisors underlines WFW’s position as a leading firm for sustainable financing in sector, both in Spain and globally”.
Ashurst acted as Equitix’s legal counsel.
