Grenergy, the listed renewable energy producer and specialist in the development, construction, and management of photovoltaic, wind, and storage projects, has closed a financing deal for the Belinchón solar farm with a green loan of €89.5 million, as the company informed the Spanish Securities and Exchange Commission (CNMV).
The agreement has been established with two banks, Norddeutsche Landesbank Girozentrale (NORD/LB) and Bankinter, and also includes other complementary credit lines for the construction and development of the park. Each of the two banks will assume half of the senior debt of approximately €44.7 million. The financing method includes debt financing for a construction term plus 19 years.
The Belinchón solar park, with 150 MW, is located in the municipality of Barajas de Melo in Cuenca. Being the second largest project built by Grenergy to date, it is already in the construction phase, will have around 230,000 photovoltaic panels, and will occupy an area of more than 300 hectares.
According to David Ruiz de Andrés, CEO of Grenergy, “this agreement ratifies the confidence of national and international banks in renewable energy, and reaffirms our leadership in green financing.”
Clifford Chance´s team was formed by partner José Guardo, senior associate Eduardo Sánchez, and lawyers Alejandro Cubillo and Gabriel Miranda.
WFW advised both NORD/LB and Bankinter with a Project Finance team led by partner Rodrigo Berasategui supported by senior associate Juan Vicente Barquilla and associates Sara Estradera, Arancha Ruesta and Álvaro del Real. They working closely throughout the deal with WFW teams in London and Germany led by Capital Markets partner Rob McBride and Projects & Structured Finance partner Thomas Hollenhorst respectively.
