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Wednesday, April 17, 2024

Jones Day advises Rabobank on Bruc Alter´s PV project finance

Jones Day has advised Coöperatieve Rabobank U.A. on the project financing for a 52MWp solar PV plant located in Mérida, Spain. The sponsors are the Spanish renewable energy companies Bruc Energy, S.L. and Alter Enersun, S.A.

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Bruc Alter, the joint venture created in December 2020 by Bruc and Alter Enersun to jointly develop renewable energy plants, with 55% and 45% of the capital, respectively, has signed the acquisition of a 52MWp solar photovoltaic power generation plant in Mérida (Extremadura) from Alter Enersun. This operation is part of the joint venture created, with an agreement to cover 12 solar power plants already in operation or in the construction and advanced development phase in Andalusia and Extremadura, totalling 558 MW.

Alter Enersun was established in 2009 with the vision of becoming one of the first benchmark companies in the renewable energy sector, specifically in the production of photovoltaic energy in the Iberian Peninsula.

Bruc is one of the largest and most dynamic renewable energy groups in Spain. It currently owns 8,600 MW with access rights to the transmission grid, of which 1,100 MW are already operational and at an advanced stage of construction. Of the remaining 7,500 MW, 4,300 MW already have an environmental impact statement.

A Jones Day´s multijurisdictional team (involving Madrid, London and Amsterdam offices) has advised the Dutch credit institution Coöperatieve Rabobank U.A. (who has acted as Sole Lender, Hedging Bank, LC Issuing Bank and Account Bank) on the project financing for a solar PV plant with a capacity of 52 MWp, located in Extremadura, Spain. The sponsors are the Spanish renewable energy companies Bruc Energy, S.L. and Alter Enersun, S.A.

The Jones Day´s team was led by partner Javier López Antón and of counsel Sergio Cires in Madrid and also involved London of counsels Edward J. Nalbantian and Liz Saxton and Amsterdam associate Flip Van der Drift.

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