Thursday, June 8, 2023

WFW, HSF advise Altano on PV financing and PPA

Watson Farley & Williams and Herbert Smith Freehills have advised Altano Energy on the financing for a hybrid portfolio of 107 MW combining hydro and PV technologies with Santander Corporate & Investment Banking and the signing of a long-term power purchase agreement (PPA) with Engie España


Altano Energy has completed a long-term non-recourse financing of approximately €90 million, according to market sources, with Santander Corporate & Investment Banking for a 107 MW renewable portfolio.

This portfolio includes hydro assets in operation and a photovoltaic plant in “ready to build” status, all of them located in Spain. These assets will together avoid the emission of more than 70,000 tonnes of CO2 into the atmosphere each year, generating the equivalent of supplying clean energy to more than 80,000 homes.

This financing, a pioneer in the market, contemplates a highly innovative and sophisticated structure, which benefits from the technological complementarity of the assets, as well as their geographic diversification. As part of this transaction, Altano also signed a long-term power purchase agreement (PPA) with Engie España.

Miguel Sanchez Praena, CEO of Altano, comments: “We are very grateful to Banco Santander for supporting us in this transaction which demonstrates the quality of our portfolio and strengthens our long-term relationship. Banco Santander’s deep industry knowledge has been key in understanding and designing a pioneering and innovative structure that benefits from the technological and geographic diversification of our assets.

Benoît Felix, Global Head of Structured Debt at Santander CIB: “As a leading renewable energy financier, we are delighted to support Altano. Its contribution to the energy transition is proving to be very interesting. We are therefore particularly proud to participate in this project, which is one of the first hybridisation initiatives financed by the bank in Spain and is part of our global commitment to provide €220 billion in green finance between 2019 and 2030.

On this deal, Altano was advised by Herbert Smith Freehills, KPMG, and Watson Farley & Williams.

The WFW Madrid Finance team that advised Banco Santander was led by partner Rodrigo Berasategui, assisted by senior associate Antonio Cáneva and associates Antón Ramil, Elena Castro and Diana Palazón.

The WFW Madrid team that advised Altano Energy on the signing of the PPA with Engie España and the agency agreement with IGNIS was led by partner David Díez assisted by senior associate Héctor Suárez.

Armando García-Mendoza (left), Iñigo Bastarreche (top centre), Miguel Alvargonzález (top right), Eduardo Dachary (bottom centre) and Álvaro Martínez (bottom right)

Herbert Smith Freehills advised Altano with a Finance team led by partner Armando García-Mendoza, together with senior associate Iñigo Bastarreche and junior associate Miguel Alvargonzález and an Energy team comprising senior associate Eduardo Dachary and associate Álvaro Martínez.

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