Watson Farley & Williams (“WFW”) has advised a consortium of 10 lenders, led by Banco Santander, on the €528m financial restructuring of Olivento, Spain’s largest onshore wind portfolio with a total capacity of 422MW.

Sponsored by FCC and Plenium FMPG, Olivento consists of 14 plants located in various autonomous regions, including Almería, Granada, Huelva, Jaén, León, Lugo, Pontevedra, Teruel, Toledo and Zaragoza.

WFW’s cross-border team was led by partners Rodrigo Berasategui (Head of Banking and Finance, Madrid) and Davíd Diez (Regulatory Public Law, Madrid), with support from senior associate, Esther González (Banking, Madrid). London-based Partner, Paul Doris (Energy & Infrastructure) and senior associate, Mike Kruger (Energy & Infrastructure) advised the consortium on English law matters.

Rodrigo Berasategui commented: “Our work on the restructuring of Olivento serves as further evidence of WFW´s position as a leading adviser on large-scale, European renewable energy transactions and on Spanish renewables transactions in particular. Given the ever-changing challenges facing the Spanish renewables sector, we are delighted to have been selected by the lenders as their advisors on this transaction and that it has been successfully completed”.