WFW advises Velto Renewables on €366m Spanish Solar PV Portfolio Financing

Watson Farley & Williams ("WFW") advised Velto Renewables on the financing, of a portfolio of regulated Spanish solar photovoltaic projects, that operate under the RECORE framework (RD 413/2014), with a total installed capacity of 98 MWp. The €366m financing, with a tenor of 15 years, was provided by CaixaBank CIB, acting as bookrunner and green agent.

Through this transaction, Velto Renewables has financed an existing facility and secured a more flexible financing structure better aligned with the current regulatory framework and tailored to its long-term ownership and management of the assets.

Velto Renewables is a renewable energy independent power producer with a long-term asset ownership strategy. Backed by global investment group La Caisse (formerly CDPQ), Velto Renewable currently owns more 600+ MW of operating and under-construction solar PV and wind projects in Spain and France, manages a 25% investment in a 630 MW offshore wind farm in the United Kingdom and is developing 1 + GW of greenfield projects in Iberia. It aims to grow its portfolio by establishing itself as a local player in the countries and regions where it invests.

CaixaBank CIB is the corporate and investment banking division of CaixaBank and is a leading provider of financing solutions for corporate and institutional clients.

The Madrid WFW Banking & Finance team advising Velto Renewables was led by Partner Jose María Anarte, supported by Senior Associate Beltrán Silva Parladé and Associate María Gardeta.

José María comments: "We are delighted to have supported Velto Renewables on this financing, as we support all our clients on big ticket renewable in sector. Advising on transactions of this scale and strategic importance demonstrates the trust that leading market participants continue to place in our team and consolidates our leading position in the renewable energy financing sector".