Watson Farley & Williams (“WFW”) advised Credit Agricole Corporate & Investment Bank (“CACIB”), Banco Bilbao Vizcaya (“BBVA”), Banco Sabadell and the Instituto de Crédito Oficial (“ICO”) on a €348m financing granted to Repsol Renovables for the construction and development of a 400 MW Spanish renewable energy greenfield portfolio.
Repsol, a multinational energy headquartered in Spain, currently has a portfolio of 60,000 MW in various stages of development, of which 3,500 MW are already in operation. Their strategy includes investing between €3-4bn net to expand its global portfolio of renewable projects over 9,000 and 10,000 MW by 2027.
CACIB is the corporate and investment banking arm of the Crédit Agricole Group and supports corporate clients and financial institutions to finance their projects and develop their growth, through products and services in capital markets, investment banking, structured financing, commercial banking and international trade.
BBVA is a Spanish global financial group with more than 76m active customers and having more than 125,000 employees. BBVA operates in more than 25 countries.
Banco Sabadell is one of Spain’s leading banking groups, founded in 1881 and on the IBEX 35. Operating in 15 countries, its commercial banking branches are based in Spain, the UK and Mexico.
ICO is a credit institution and de facto state finance agency, with its own legal status, assets and treasury, as well as an independent management to carry out its activities. ICO promotes sustainability as the backbone of its strategy and activities.
The WFW Madrid team that advised the syndicate of banks was led by Finance Partner José María Anarte, working closely with Associates Antón Ramil, Sara Estradera, Julia Belmonte, Rómulo Palou de Comasema and Miquel Ros. Regulatory expertise was provided by Partner Luis González and, among others, Associates Paula Pérez, Isabel Rodríguez de Codes, María Vela and Miguel Rubio. Associate Pablo Vacas provided real estate advice.
José María commented: “It was a pleasure to advise once again on an important financing for a key player in the Spanish energy sector. Ensuring for the best result for our clients in the shortest time possible was our key focus and it would not have been possible without the dedication and collaboration of our first-class team”.
