King & Wood Mallesons’ Finance and Banking team in Madrid advised Banco Santander and the European Investment Bank (EIB) on the agreement reached with the listed renewable energy group Solaria for a €553 million green loan financing. The financing, structured through various credit facilities, is for the development of several solar photovoltaic projects at various stages of development and with a total aggregate capacity of more than 1 GW. The projects are grouped in various clusters in Castilla y León, Castilla la Mancha and Catalonia. This is one of the most important project finance transactions of the year due to its size and complexity and is the largest financing granted to Solaria.
The KWM team advising Banco Santander and the EIB on this work was led by partner and head of KWM’s Financial and Banking Law team in Spain, Joaquín Sales, and by Félix Hernández, counsel to the department, with the support of associates José Berjón and Fernando Raga. KWM Madrid’s Energy and Infrastructure and Real Estate teams, led by partners Gonzalo Olivera and José Antonio Calleja, have also actively participated in the project.