Madrid—Dentons has advised ING Bank NV Sucursal en España on the €75 million refinancing of certain Aquila European Renewables subsidiaries related to the construction of a 180 MWp portfolio of photovoltaic (PV) assets in Spain.  The non-recourse financing, which will partially amortize with a balloon repayment at maturity, includes an extension option, and it is secured by the 180-MWp portfolio of unlevered operating assets in Spain, all of which have power purchase agreements (PPAs) in place.

Banking and Finance partner Luis Belart led Dentons’ multidisciplinary team on the deal, with support from associates Mar Sánchez-Contador and Adelaida Torres and trainee Icíar Pérez-Puente. Collaborating on the corporate and regulatory aspects of the transaction were partner Fermín Garbayo and associate Almudena Gurpegui from the Energy practice, as well as partner Javier Moya and associate Nora Pallaruelo from the Public Law and Regulatory practice.

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