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Saturday, January 28, 2023
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WFW advises Sabadell on €27m PV project financing

Watson Farley & Williams has advised Banco de Sabadell, S.A. on the project financing of a 50 MW photovoltaic plant in Almeria, Spain. The bank acted as lender for a structured loan granted to the plant’s SPV which is owned by X-ELIO Energy, S.L.

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X-ELIO is a global leader in the development of sustainable energy with a strong commitment to the reduction of greenhouse emissions and the fight against climate change. They specialise in the development, design, financing, construction and operation of renewable energy projects.

For the development and construction of the CSF Tabernas plant, located in the municipalities of Lucainena de las Torres and Tabernas (Almería), which will produce 104 GWh of energy, equivalent to the consumption of 10,000 homes/year, financing has been arranged with Banco Sabadell for €27 million, around 70% of the total investment in the plant. The total investment in the Tabernas CSF will be €38 million.

The WFW Madrid Finance team that advised Sabadell was led by partner Rodrigo Berasategui, working closely with senior associate Juan Vicente Barquilla and associates Beltrán Silva and Arancha Ruesta.

Rodrigo commented:“We are grateful to Sabadell and X-ELIO for instructing us one again. The expertise and experience of all parties involved  enabled us to find solutions unique to this project and thereby insure a quick close for the transaction.”

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