NORD/LB, Rabobank, and Siemens Bank have announced a combined €135 million ($160 million) financing package for a 199-MW portfolio of three wind and two solar farms in Aragón, Spain. The projects have been acquired by ENCAVIS, a leading pan-European independent power producer. The projects are already operational or expected to be online during the first three months of this year.
The financing includes a €117 million term facility with a maturity until June 30, 2044; a €5m debt service reserve facility; and a €13m LC facility. The banks served the following roles on the deal:
- NORD/LB acted as Mandated Lead Arranger, Hedging Bank and L/C Bank.
- Rabobank acted as Mandated Lead Arranger, Hedging Bank, Security & Facility Agent and L/C Bank.
- Siemens Bank acted as Mandated Lead Arranger.
The three wind farms consist of 24 Nordex turbines, while the two solar farms will feature a total of 98,000 bifacial ground-mounted solar panels. Once fully operational, the portfolio is expected to generate 467 GWh of clean electricity annually.
“We’re delighted to continue our long-standing relationship with ENCAVIS by supporting the development of its latest wind and solar portfolio in Spain,” said Björn Heinemeyer, senior director at NORD/LB (Norddeutsche Landesbank). “Spain is entering a pivotal phase in its renewable energy transition, and this portfolio will play an important role in helping the country achieve its ambitious wind and solar targets and accelerate the decarbonisation of the economy.”
“The close and trusting cooperation with Rabobank, NORD/LB and Siemens Bank, as well as with our advisors, also sends a strong signal for our Aragon project in Spain. Building on a proven approach, we identify and acquire high‑quality projects and implement them together with reliable partners through long‑term, sustainable project financings,” said Mario Schirru, CEO of ENCAVIS. “This not only underlines the strength of our business model, but also the great confidence our partners place in our company and our risk management.”
Under the National Integrated Energy and Climate Plan (PNIEC), Spain has committed to installing 62 GW of wind power and 76 GW of solar power by 2030. Clifford Chance acted as the bank consortium’s legal adviser on the deal, while Watson, Farley & Williams acted as ENCAVIS’ legal adviser.
—This content was contributed by communications representatives for NORD/LB and ENCAVIS.
