Cuatrecasas advises Fotowatio Renewable Ventures on Spain’s first climate-bond certified green transaction valued at €64 million

Cuatrecasas advised Fotowatio Renewable Ventures (“FRV”), part of Abdul Latif Jameel Energy, a global leader in developing renewable energy projects, on closing financing of €64 million reached with Natixis to build the San Serván solar power plant (138 MW) in Solana de los Barros (Extremadura, Spain). This is the first climate-bond certified green transaction in Spain.

FRV has signed a power purchase agreement with Engie. The Ortiz Group will build and implement the plant under an EPC contract.

The Cuatrecasas team that advised on this transaction was led by partners Agustín Cerdá (Finance) and Luis Pérez de Ayala (Regulatory) with the support of associates Javier Sotés, Juan González (Finance), and Agustín Alfaro, Alejandro Bonitch and Marta Díaz (Regulatory).

The solar plant, expected to be in operation from 2022,

will generate approximately 291GWh of clean energy a year, which is enough to power 105,000 Spanish homes and avoid the emission of 216,000 tonnes of CO2.