Cases & Deals

BANESTO-led syndicate finances three thermosolar plants in Spain on transaction named 2009 "Renewables Deal of the Year" by Thomson Reuters' Project Finance International

Client(s) Banco Español de Crédito, S.A.

Jones Day advised Banco Español de Crédito, S.A. (BANESTO), as agent, and a syndicate of 30 banks in connection with the €601.7 million (US$866.5 million) project financing for the construction of two thermosolar plants in Palma del Río (Córdoba, Spain) and one thermosolar plant in Majadas (Cáceres, Spain) with a total generating capacity of 150 MW, sponsored by Acciona Energía S.A. Jones Day also served as counsel in connection with the concurrent refinancing of the bridge loan. Acciona began negotiations with the banks in September 2008. At the beginning of 2009, a corporate bridge was put in place, and at the end of 2009, the long-term project financing was finalized and a simultaneous financial close for the three thermosolar plants was achieved.

In naming its "Renewables Deal of the Year," Project Finance International considers a number of factors, including complexity, innovation, and any difficult circumstances that had to be overcome. A PFI award is widely considered the ultimate accolade in the project finance industry.