A consortium of three financial institutions has successfully completed a 135 million euro funding arrangement supporting Encavis' combined wind and solar energy assets totaling 199MW in northern Spain. NORD/LB, Rabobank and Siemens Bank jointly structured the deal for the renewable energy portfolio located in the Aragón region.

According to the banking partners, the asset collection encompasses three separate wind energy installations delivering 142MW of capacity alongside two photovoltaic facilities contributing 57MW. Some installations within the portfolio have already commenced commercial operations, while remaining projects are scheduled to begin generating power during the first quarter of 2026.

The financial structure incorporates multiple components, including a 117 million euro term loan with a maturity date of 30 June 2044, complemented by a 5 million euro debt service reserve facility and a 13 million euro letter of credit facility.

Each banking institution assumed distinct responsibilities within the transaction. NORD/LB fulfilled roles as mandated lead arranger, hedging bank and letter of credit bank. Rabobank similarly served as mandated lead arranger and hedging bank while additionally taking on security and facility agent duties plus letter of credit bank functions. Siemens Bank participated as mandated lead arranger.

Technical specifications for the portfolio reveal that the wind installations will operate 24 Nordex turbines, while the solar facilities will deploy 98,000 bifacial panels mounted at ground level.

Björn Heinemeyer, senior director at NORD/LB, expressed enthusiasm about extending the bank's established partnership with Encavis through backing this latest Spanish wind and solar portfolio.

Heinemeyer noted that Spain has reached a critical juncture in its renewable energy transformation, emphasizing that this portfolio will contribute significantly toward helping the nation meet its ambitious renewable energy objectives and speed up economic decarbonization efforts.

Mario Schirru, chief executive of Encavis, highlighted the collaborative nature of the transaction, stating that the productive and trustworthy partnership with Rabobank, NORD/LB and Siemens Bank, along with their advisory teams, demonstrates strong confidence in their Aragon initiative in Spain.

Schirru further explained that the company follows an established methodology of identifying and securing premium projects, then executing them alongside dependable partners through sustainable, long-term project financing structures.

Legal advisory services for the banking consortium were provided by Clifford Chance, while Watson Farley Williams represented Encavis throughout the transaction.