Spain, Madrid: Watson Farley & Williams (WFW) has advised Elawan Energy on two large-scale portfolio financing facilities with an aggregate value of approximately $866 M (€760 M).
The financing, known as Himalaya, covers a portfolio of operating renewable energy assets in Spain, including more than 1 GW of installed solar photovoltaic and onshore wind capacity. It will also support the development and construction of around 300 MW of additional renewable energy projects.
In total, the facilities cover more than 1.3 GW of financed capacity. The structure supports both the operation of Elawan’s existing renewable energy portfolio and the continued expansion of its project pipeline in Spain.
The transaction also includes mechanisms for the future hybridisation of certain assets through the integration of battery energy storage systems (BESS). This is particularly relevant as storage becomes increasingly important for balancing renewable generation and supporting more flexible power systems.
WFW advised Elawan on the financing documentation, key project agreements and regulatory analysis of the portfolio and development assets. The firm also coordinated the repayment and release of nine existing financing facilities that were refinanced as part of the transaction.
The financing reflects the continued growth and maturity of the Spanish renewable energy market, where large portfolios increasingly combine operating assets, new development capacity and future storage options.
For the power infrastructure sector, such projects are important because renewable expansion and hybridisation create further demand for grid connections, substations, transformers and related electrical equipment.
The lending syndicate was advised by Clifford Chance.
Source: Watson Farley & Williams
