Friday, December 8, 2023

SPB, Deloitte advise on Zencap AM´s 80MW PV financing

Squire Patton Boggs has advised French private debt asset manager Zencap Asset Management on a €15 million mezzanine facility provided by the fund Zencap European Sustainable Transition II to Planea Energía, represented by Deloitte Legal


Planea Energía is a Spanish Independent Power Producer specialised in renewable energy and subsidiary of the Spanish group Rotonda.

The facility is intended to finance the construction of an 80MW solar PV plant located in Bonete (Albacete) in the region of Castilla-La Mancha. The project will produce clean and renewable energy equivalent to the electricity consumption of about 30,000 households, thus contributing to the energy transition and sustainable development by reducing greenhouse gas emissions by more than 21,000 tons of CO2 per year. The project will allow Planea Energía to strengthen its position in the Spanish solar energy market.

Zencap Asset Management is the private debt specialist subsidiary of the French asset manager Ofi Invest Group. Zencap Asset Management is committed to the implementation of sustainable development principles. As of 1 January 2023, Zencap Asset Management has €3.9Bn assets under management and advisory.

Planea Energía is the development and operation division of renewable energy projects of Grupo Rotonda. The Rotonda Group has more than 20 years of experience in the energy sector, being the current largest developer of renewable energy in Castilla-La Mancha. In addition, it also operates other business lines such as energy commercialization, market representation, self-consumption facilities and energy solutions. Through Planea Energía, the Group is committed to caring for and conserving the environment, contributing to sustainable development.

The transaction was led by SPB´s finance team headed by partner Manuel Mingot, assisted by legal director José Luis Iriarte and associate David Calleja. The Regulatory/Energy aspects of the transactions were covered by a team led by Antonio Bañón, head of the Energy and Public Law practice, together with senior associate Manuel Gómez and associate Jaime Arca from the Corporate department.

Deloitte Legal acted as legal counsel to Planea Energía. Kobus acted as advisor of Planea Energía.

From left to right, starting from the top: Ignacio Echenagusia, María Guinot, José Manuel López Ruiz and Carlos Tallón

Deloitte Legal advised Grupo Rotonda (through its renewables division Planea Energía) on the financing with a Finance team formed by partner Ignacio Echenagusia, senior associate José Manuel López Ruiz and junior David Mena, and a Public Law and Regulated Sectors team made up of partner María Guinot, principal associate Carlos Tallón Martínez and associate Guillermo Bernabeu Torregrosa.

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