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Thursday, April 11, 2024

WFW advises Santander on €1bn ECA-backed green loan to Iberdrola

Watson Farley & Williams has advised Banco Santander on a €1 billion green loan backed by the European Export Credit Agency (ECA) to Iberdrola to finance the acquisition of turbines for onshore and offshore wind farm projects in Spain, Poland, Greece, Germany and the UK

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The financing, which has a maximum maturity of 15 years, is the largest ECA-backed green loan that Iberdrola has ever signed.

Iberdrola is a global energy leader, the world’s largest wind power producer and one of the world’s largest utilities by market capitalisation. They lead the energy transition through investments in renewable energy, smart grids, large-scale energy storage and digital transformation to offer the most advanced products and services.

Banco Santander is a leading Spanish multinational in commercial banking and financial services with the goal of raising more than €120 billion in green finance between 2019 and 2025.

WFW’s multi-jurisdictional Finance team advising Banco Santander was led by Madrid partner Rodrigo Berasategui, who worked closely with London partner Katherine Best, together with Madrid senior associate Juan Vicente Barquilla and associates Antón Ramil and George Garthwaite in Madrid and London respectively.

Rodrigo commented: “We are very pleased to have once again been able to help promote global sustainability initiatives both in the Spanish banking sector and beyond. I would like to thank the entire team for closing this transaction in record time, a key element in the success of the deal. This transaction highlights WFW’s experience and expertise in advising blue-chip companies and financiers on major renewable energy and export transactions.”

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