Watson Farley & Williams (“WFW”) advised a consortium of banks on the financial restructuring of the 5 MW Inverland photovoltaic plant at Valdecaballeros in Badajoz, Spain. Inverland, which is owned by Abraxa, comprises 50 plants with an installed capacity of 100 KW each.

The consortium of banks consisted of Bank of America Merrill Lynch, Germany’s Portigon Financial Services (successor to WestLB AG) and Dexia Sabadell, a joint venture between the Franco-Belgian Dexia Group and Sabadell, Spain’s fifth largest banking group.

Abraxa is part of the Longsol Group, a leading owner and operator of utility-scale solar PV plants founded in 2006. The group’s current portfolio includes seven solar PV plants with an installed capacity of 80MW located in Spain, France and the US. Inverland was the first plant owned or operated by Longsol.

The WFW Madrid- team advising the banks was led by Spain Managing Partner María Pilar García Guijarro, assisted by senior associate Esther González and associate Gonzalo Mateos.

María Pilar commented: “To have successfully completed this transaction within an extremely tight deadline while working closely with both our clients and the project sponsor was a fantastic achievement. Having advised on yet another key refinancing in the Spanish renewables sector, following on from those of T-Solar (Tuin Zonne), Olivento, Renovalia and Sedwick among others, confirms WFW’s standing as one of Spain’s leading energy law firms”.