Gómez-Acebo & Pombo advises Velto Renewables on a refinancing of over €800m

GA_P has advised Velto Renewables on the refinancing of a portfolio of 76 operational solar photovoltaic plants in Spain. The assets have a total installed capacity of 218 MWp and the syndicated loan amounts to over €800m.

The refinancing project covers a portfolio of assets operating under Spain’s regulated RECORE framework (RD 413/2014). The new financing structure strengthens the company’s long-term capital structure, enhances financial flexibility and supports the continued optimization of the portfolio’s operational performance, while also simplifying the group’s corporate structure.

The deal has been executed with the participation of Crédit Agricole (CA-CIB), Export Development Canada (EDC), BBVA, BNP Paribas, Abanca, ING, Deutsche Bank and CaixaBank, acting as financing institutions in the transaction, and supported by a team of specialist advisors, including Kenta Capital as Financial and Hedging Coordinator; Garrigues as legal counsel to the lenders; Gómez-Acebo & Pombo, Watson Farley & Williams and Ramón y Cajal as legal counsel to Velto Renewables; Enertis as Technical Advisor; and Howden as Insurance Advisor.

Velto Renewables is a renewable energy independent power producer with a long-term asset ownership strategy. Established in 2020 and backed by the global investment group La Caisse (formerly CDPQ), Velto Renewables is committed to contributing to the decarbonization of the global economy and the European energy transition by investing in and developing an international and multi-technology portfolio of renewable energy projects. Velto currently owns more than 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, develops 1+GW of greenfield projects in Iberia, and is seeking to grow its portfolio by becoming a local player in the countries and regions where it invests.

The Team

The Firm team was led by Verónica Romaní, partner in the Banking & Finance practice and Head of Energy, together with Juan Pérez, José Francisco Canalejas, Isabel Silva, Juan Reynolds, Carla Logroño and Roberto Bustamante.

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