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White & Case Advises Institutional Investors on Secured Schuldschein Loan for Spanish Solar Park

Global law firm White & Case LLP has advised institutional investors and Deutsche Bank Luxembourg S.A., as financing agent and security agent, on the financing of the Guillena-Salteras solar park to the north of Sevilla in Andalucia, southern Spain and the structuring of the project financing.

The financing consists of senior secured Schuldschein loans made available by institutional investors including German pension funds (Versorgungswerke). The structuring of the project financing included advice from Luxcara, one of the leading European asset managers for renewable energy investments, in compliance with the requirements of the German Investment Ordinance (Anlageverordnung) and German rules for pension funds. Equity was provided by a renewable energy fund for institutional investors advised by Luxcara.

The Guillena-Salteras solar park has a total capacity of 121 MWp, which will provide more than 53,000 Spanish households with renewable energy, and was acquired by Luxcara in December 2018. The financing, which will be realized without state subsidies, is based on a physical long term power purchase agreement (PPA) with Alpiq, a leading Swiss energy services provider and electricity producer. This project financing is the first secured Schuldschein loan for a Spanish renewables project based on a PPA aligned to German investment regulation and pension fund rules.

The White & Case team which advised on the transaction was led by partner Florian Degenhardt (Hamburg) and included partner Yoko Takagi (Madrid), counsel Beate Treibmann (Hamburg), local partner Matthias Grigoleit (Hamburg) and associates Max Sergelius, Ioana Marinescu (both Hamburg), Laura Gonzalez and Reyes Carvajal (both Madrid). 

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