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.

Partners Nick Pawson (Madrid, Global Loans), Andrés Alfonso (Madrid, Head of Energy) and Jean Louis Neves Mandelli (Singapore, Projects & Energy) have successfully led this transaction 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.

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 announced on 25 July 2024. Completion, subject to regulatory approvals and other conditions, is expected to take place in the fourth quarter of 2024.