Encavis lines up €135m for Spanish renewables portfolio

Encavis has secured a €135 million ($157m) financing package to back its acquisition of a 199MW wind and solar portfolio in Spain.

The financing will be made available through a consortium comprising NORD/LB, Rabobank and Siemens Bank and includes a €117 million ($136m) long-term facility with a maturity extending to June 2044. This is coupled with a €5 million debt service reserve facility and a €13 million letter of credit facility.

NORD/LB and Rabobank acted as mandated lead arrangers and hedging banks, with Rabobank also taking on the roles of security and facility agent. Siemens Bank acted as a mandated lead.

The Aragón-based portfolio comprises three onshore wind farms with a combined capacity of around 142MW and two solar PV plants totalling 57MW.

The wind farms feature 24 Nordex turbines, while the solar plants will deploy around 98,000 bifacial ground-mounted panels.

Some of the assets are already operational, with the remainder expected to reach commercial operation in Q1 2026. Once fully online, the projects are expected to generate about 467GWh of electricity per year.

The announcement reflects sustained investor interest and momentum in Spain's renewable energy landscape.

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Björn Heinemeyer, Senior Director at NORD/LB, said: “Spain is entering a pivotal phase in its renewable energy transition,” adding that the country has ambitious wind and solar targets contributing to more rapid decarbonisation of the economy.

According to independent power producer Encavis, the transaction aligns with its strategy of acquiring high-quality renewable assets and securing long-term, sustainable project financing structures.

Spain, in particular, is considered a key growth market for the company, a sentiment supported by the country’s National Integrated Energy and Climate Plan, which targets 62GW of wind and 76GW of solar capacity by 2030.

“Building on a proven approach, we identify and acquire high quality projects and implement them together with reliable partners through long term, sustainable project financings,” said Mario Schirru, Encavis chief executive. “This not only underlines the strength of our business model, but also the great confidence our partners place in our company and our risk management,” he added.

Clifford Chance advised the lending banks on the transaction, while Watson Farley & Williams (WFW) acted as legal adviser to Encavis.

The cross-border WFW Energy team that advised Encavis was led by Hamburg Project & Structured Finance Partner Sven Fretthold and WFW Global Energy Sector Head – Europe & Americas and Madrid Corporate Partner María Pilar García Guijarro. They were supported by Senior Associates Antonio Cáneva, Javier Ruffín, Pilar Rozas in Marid and Associate Finja Schmale in Hamburg.

Fretthold said: “We have now represented the company in the due diligence and negotiation of its project financing. This ongoing collaboration demonstrates our shared commitment across WFW’s international network to deliver for our clients on complex renewable energy projects”.