Viproes Energías Renovables’ Malpartida PV Plant Bond Refinancing

Watson Farley & Williams has advised Banco Santander, S.A. and Westbourne Capital on the transaction.

The deal concerned the private placement of bonds to refinance the 11.8MW Malpartida photovoltaic plant, in Extremadura, Spain, owned by Viproes Energías Renovables, a subsidiary of Grupo Cyopsa. The transaction closed on 14 May 2020.

The bonds issued are subject to Spanish law and were subscribed to by institutional investors, managed by Westbourne Capital, through a private placement and traded on the “Quotation Board” of the Frankfurt Stock Exchange.

Agensyd acted as bond trustee in the transaction.

Madrid-headquartered Santander is a multinational commercial bank and financial services company, and the leading issuer of project bonds to the Spanish renewables sector.

Westbourne Capital is an independently owned investment manager, focussed on investing in infrastructure worldwide for institutional clients. Established a decade ago, Westbourne Capital has invested in projects exceeding US$7.5bn across Europe, Australia and North America.

Grupo Cyopsa, chaired by Camilo Alcalá, is active in the renewables sector and infrastructure concessions for over 17 years.

The WFW Madrid Capital Markets team advising on the transaction was led by Partner Rodrigo Berasategui (Picture) and supported by Senior Associate Jacobo Hermidas.

Involved fees earner: Rodrigo Berasategui – Watson Farley & Williams; Jacobo Hermidas – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Banco Santander Sa; Westbourne Capital ;