Hogan Lovells advises international bank consortium on a EUR 203 million project refinancing agreement for Spanish solar parks of Encavis AG
Led by partner Dr Carla Luh and associate Tobias Ulbrich, global law firm Hogan Lovells has advised a consortium of banks including ABN AMRO Bank, Coöperatieve Rabobank, Bankinter and NatWest on two non-recourse project refinancing agreements in a total amount of EUR 203 million for solar parks Talayuela and La Cabrera of Encavis AG in Spain.
In total, the refinancing includes EUR 181.5 million Term Loan Facilities (hedged by interest rate swaps), as well as EUR 13 million Letter of Credit Facilities and EUR 8.5 million Debt Service Reserve Facilities. While ABN AMRO, Rabobank and Bankinter are longstanding financing partners of Encavis, NatWest provides project financing to Encavis for the first time. Encavis AG is a Hamburg-based wind and solar park operator and producer of electricity from renewable energies with a total generation capacity currently adding up to around 3.6 gigawatts (GW) and around 1.2 GW of capacity under construction.
With a team of German, Spanish, and British lawyers, Hogan Lovells has advised the international consortium of banks in all aspects of the refinancing facility.
Hogan Lovells team for the banks
Dr Carla Luh (Lead-Partner), Tobias Ulbrich (Lead-Associate), Julian Schulz, Valentine Stein-Lüttges;
Alfredo Barona (Partner), Michael Withers, Miguel Mallo, Alejandra Benages Edo;
Edward Fear, Georgia Batcheldor.
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