Clifford Chance has advised Banco Santander, S.A. and Banco de Sabadell, S.A. on a €760 million non‑recourse project financing granted to entities of Elawan Energy, S.L.U., a company within the ORIX Group.
The financing supports a multi‑technology renewable energy portfolio of more than 1.3 GW across Spain, comprising approximately 1 GW of operating assets and around 300 MW under construction or in development. The assets are primarily located in Castilla y León, Castilla‑La Mancha and Aragón.
The transaction combines solar, wind and battery storage assets within a single financing structure and is among the first financings of battery energy storage systems (BESS) at this scale in the Spanish market.
The Clifford Chance team was led by partner Eugenio Fernández‑Rico and counsel Eduardo Sánchez, with associates Alejandro Cubillo, Sofía Riaño, Elena Medina and Alejandro Gómez‑Coronado. They were supported by Ángel Muñoz and Enrique Pais on derivatives matters and by Julia Hernández on regulatory issues.
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