Investment banking firm Natixis acted as underwriter and sole coordinator on the €64 million green project financing of the 138-megawatt San Serván photovoltaic plant being developed by Fotowatio Renewable Ventures (FRV) in Spain.
This represents the first Climate Bond Certified green transaction in Spain having met the solar criteria of the International Capital Markets Association’s (ICMA) Climate Bond Standards to ensure alignment with the 2016 Paris Agreement to combat climate change.
The San Serván plant will be located in the southern region of Extremadura and its offtake is under a Power Purchase Agreement (PPA) with Engie Spain. It will be operational by 2022 and will provide clean energy to approximately 105,000 Spanish households, preventing annual emissions of approximately 216,000 tons of CO2.
FRV is part of Abdul Latif Jameel Energy and focusses on renewable energy project development across Australia, Asia, the Middle East, Europe and Latin America. FRV aims to increase its total installed capacity from 0.9 gigawatts (GW) in 2019 to 3.5 GW in 2024. FRV is led by CEO Daniel Sagi-Vela (pictured).
Watson Farley & Williams (WFW) advised Natixis on the deal. The WFW Madrid team was led by finance partner Rodrigo Berasategui, working closely with regulatory partner David Diez and senior associates Jacobo Hermidas (finance) and Lidia Fernández (regulatory).