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WFW advises Helios on purchase and financing of 100MW PV project

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Watson Farley & Williams (WFW) has advised Helios Energy Investments (Helios) on the purchase and associated financing of large-scale photovoltaic projects in Bonete, Albacete, Spain from Cobra (ACS Group).

The deal was made through the purchase of the respective project companies and represents the entry of Helios into the Spanish renewables market.

The projects were part of the photovoltaic resources allocated to Cobra in Spain’s third renewables auction and listed at a preallocation level in the Specific Retribution Regime Register.

Watson Farley & Williams, serving as transaction advisors, performed the due diligence process, as well as writing and negotiating the SPA, development agreements (EPC, O&M) and many other associated agreements.

The financing of the project has been negotiated with financial institutions syndicate comprising of Banco de Sabadell, Kommunalkredit Austria, Crédit Industriel et Commercial (CIC), Nomura International and Siemens Bank.

WFW also advised on tax structuring and Spanish regulatory issues including permitting and licensing, as well as guidance on the unique renewable technology remuneration regime and general developments and dynamics of the Spanish energy market.

Other investment advisors included OCA Global (technical advisor) and Aon (insurance advisor).

“I am delighted that Helios selected WFW as advisors for their entry into the Spanish renewables sector, indisputable evidence of our position as the ‘go-to’ firm for complex, multi-disciplinary, cross-border legal advice. It was a real pleasure working with Helios’ outstanding team and we hope will be able to strengthen our relationship with them and support them going forward in their future investments in Spain.”

María Pilar, corporate partner and office head. 

“We are pleased to have assisted Helios on a transaction that involved both project and leveraged finance and numerous counterparties including leading national and international players in the Spanish renewables sector. Its successful conclusion also confirms the ongoing interest of international investors in the Spanish energy sector.”

Jose María, finance partner. 
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