Ashurst has advised BNP Paribas and a syndicate of five other international banks on one of Spain's biggest renewable energy transactions in recent years

We are delighted to have advised BNP Paribas and a syndicate of five other international banks (Banco Santander, Intesa San Paolo, First Abu Dhabi Bank, Abu Dhabi Commercial PJSC and Sumitomo Mitsui Banking Corporation) on a facility to Abu Dhabi Future Energy Company PJSC – Masdar in relation to the financing of the acquisition from Endesa S.A. of a 49.99 per cent stake in a portfolio of solar PV assets with an operating installed capacity of c. 2 GW.

The Ashurst deal team involved in the signing process was led by partners Nick Pawson (Madrid, Global Loans - Head of English desk), Andrés Alfonso (Madrid, Head of Energy Transition) and Jean Louis Neves Mandelli (Singapore, Projects & Energy Transition) and were assisted by Jose Christian Bertram, Aitor Errasti, Sam Tetlow, Manuela Sanz, Fátima Nieto (Madrid Global Loans Partner, Counsel, Senior Associates and Associate, respectively). Begoña de la Riva, Pedro Díaz (Madrid Corporate M&A Senior Associate and Associate, respectively); Aarthi Raguraj (Madrid Dispute Resolution Trainee); and Amanda Scribante (Projects & Energy Transition Singapore Senior Associate), were also involved in the transaction.

The Ashurst deal team involved in the closing process was led by Madrid partners Nick Pawson (Madrid, Global Loans - Head of English desk), Andrés Alfonso (Madrid, Head of Energy Transition), Jose Christian Bertram and Irian Martínez (Madrid, Global Loans), assisted by Aitor Errasti (Counsel), Sam McLernon, Francesca Cioppi, Manuela Sanz, Estefania Mendivil, and Emma Grainger (Senior Associates, Associates and Trainee respectively, Madrid, Global Loans) and by Begoña de la Riva, and Pedro Díaz (Madrid Corporate M&A, Senior Associate and Associate respectively).

This is one of Spain’s biggest renewable energy transactions in recent years. The financing of this partnership is expected to play a significant role in helping Spain meet its NECP targets and the EU’s net zero target by 2050.

This deal was closed on 23 December 2024, after signing took place in July 2024.