WFW advises MUFG and ICO on €134m Nexwell Power Spanish Portfolio Financing
Spanish Renewables Portfolio
(Text copyright WFW, reproduced with kind permission)
Watson Farley and Williams ("WFW") advised MUFG Bank ("MUFG") and Instituto de Credito Oficial ("ICO") as senior lenders within the wider financing structure for Nexwell Power ("Nexwell Power") project companies in Spain, which forms part of an over €245m capital financing package to develop both its Spanish renewables portfolio and its long-term clean energy supply arrangements. The structure also included a financing provided to project holdcos by Eiffel Investment Group.
The portfolio comprises 248MW utility scale renewable assets in Spain's Andalucía and Aragón regions, including solar photovoltaic plants designed from inception for battery energy storage integration. The projects are expected to enter operations in the near term.
MUFG Bank is Japan's largest bank and a core subsidiary of global financial player Mitsubishi UFJ Financial Group. Its Madrid-based Spanish branch offers corporate and investment banking services to international and domestic clients.
Spain's ICO is a state-owned development bank and financial agency attached to the Ministry of Economic Affairs through the State Secretariat for Economy and Enterprise Support. Its mission is to promote economic activity and sustainable growth by financing the investment and liquidity needs of Spanish companies and supporting projects with positive and innovative social and environmental impacts.
The WFW Madrid Energy team advising MUFG and ICO was led by Finance Partner Juan Vicente Barquilla, working alongside Senior Associate Jacobo Hermidas and Associates Sara Estradera and Cristina Álvarez.
Juan Vicente commented:
"This financing highlights the key role MUFG and ICO play in supporting Spain's energy transition. We are pleased to have assisted them on such an innovative multi-stakeholder transaction. WFW is widely recognised for advising lenders on complex renewable financings and our specialist expertise in storage ready portfolios and bankability helped ensure a robust and efficient outcome for our clients."
Nexwell Power was advised by Uría Menéndez and Eiffel Investment Group by Ontier.
