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Thursday, June 8, 2023
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Clifford advises banks on €19.6m project finance for Elawan

Clifford Chance has advised Sabadell and Unicaja on the €19.6 million financing granted to Elawan for a 36 MW photovoltaic plant project in Castilla La Mancha

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Elawan has closed the financing of a 36 MW photovoltaic plant in Castilla La Mancha, amounting to €19.6 million with Sabadell and Unicaja.

The photovoltaic plant will be located in the province of Cuenca in the province of Castilla-La Mancha and will have more than 66,400 modules (solar panels) with cutting-edge technology from the point of view of energy efficiency. The project is at a very advanced stage of construction and the facility is scheduled to come into operation during the second quarter of 2023.

The plant will have an installed capacity of 36 MW, with an annual estimated production of 74 GWh of clean energy that will supply approximately 7,400 families per year. Among the various positive impacts that these projects will generate, it is worth highlighting the generation of value at the local level, leading to the creation of more than 100 jobs in rural areas with high unemployment rates.

Pedro García Crespo, Chief Investment Officer of Elawan Energy, said, “Our strong increase in investment plans supports that transactions such as this will catalyze the rapid deployment of renewable energy as companies work in partnership to create a more sustainable energy future.”

In total, the company currently has 40 plants in production in 9 countries, more than 1.3 GW in operation, 670 MW under construction and more than 9 GW in various stages of development. By 2023, the operating plants will generate around 3.5 million MWh.

Clifford Chance advised the banks with a team made up of senior associate Eduardo Sánchez Roldán, together with lawyers Gabriel Miranda and María González.

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