Watson Farley & Williams (“WFW”) advised ICO, Sabadell and HSBC on a €500m ECA-backed green loan guaranteed by Spanish ECA Cesce and granted to Iberdrola to finance the construction and development of renewables projects in the US, Australia, and Italy. This is the first loan from the EU’s ICO-Verde line of Next Generation Funds to develop renewable energy.
Iberdrola is a global energy leader, top wind power producer and one of the largest electricity companies by market capitalisation in the world. It is considered one of the of the top sustainable electrical utilities in the world and an international benchmark for its contributions to sustainability and fighting climate change.
Cesce is Spain’s national Export Credit Agency, exclusively managing credit and investment insurance on the nation’s behalf including the political, commercial and extraordinary risks associated with the growing international reach of Spanish businesses.
The WFW Madrid Finance team that advised the banks was led by Finance Partner Rodrigo Berasategui, working closely with Partner Juan Vicente Barquilla and Associate Antón Ramil. English law advice was provided by London Finance Partner Paul Simpson and Senior Associate Suki Rees.
Rodrigo commented: “It was pleasure to be instructed once again on a deal that will help drive global sustainability as well as strengthen Spain’s commitment to the renewables market. I would like to thank the whole team for ensuring it successfully closed in record time”.
