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Clifford Chance acts for a lenders club on the refinancing of two CSP plants in Spain with a total installed capacity of 50MWs each, with a green loan

26 May 2021

Clifford Chance acts for a lenders club on the refinancing of two CSP plants in Spain with a total installed capacity of 50MWs each, with a green loan

Clifford Chance Spain advises banks and the institutional lenders on the refinancing of the debt of the Moron and Olivenza concentrated solar power (CSP) projects in Sevilla and Badajoz, Spain with a 50 MW capacity each, which were acquired by Cubico Sustainable Investments in March this year as part of the acquisition of the Grupo T-Solar portfolio.

The lenders club is comprised of the following Mandated Lead Arrangers (MLAs): Aviva Investors, CaixaBank, Export Development Canada, ING, Rivage Investment, Santander Corporate & Investment Banking and Societe Generale.

The financing agreement complies with the LMA Green Loan Principles and the interest rate hedge derivatives incorporate a pricing mechanism that incentivises the improvement of the water footprint of the CSP plants.

The Clifford Chance team that has advised on this transaction is made by global financial markets partner, José Guardo, senior associates Eugenio Fernández-Rico and Ángel Muñoz, associate Pablo Cancelo and junior associate Mariana Ceballos.

The transaction reflects Clifford Chance's track-record of innovative financings in the ESG space and demonstrates Spain's commitment to promoting green finance.