An ambitious €500 million green loan involving major financial entities is poised to advance renewable energy initiatives across multiple continents.
- WFW provided expert legal counsel on this international sustainable energy endeavour.
- The loan supports Iberdrola’s projects in the US, Australia, and Italy under Europe’s ICO-Verde funds.
- Backed by Spain’s Export Credit Agency Cesce, the loan is a milestone in financial cooperation.
- Rodrigo Berasategui led the WFW team, highlighting Spain’s dedication to sustainability.
The €500 million green loan represents a significant advancement in international renewable energy collaboration, with Watson Farley & Williams (WFW) at the helm providing crucial legal expertise to ICO, Sabadell, and HSBC. Tasked with supporting the global energy leader Iberdrola, the loan aims to fund renewable projects across the United States, Australia, and Italy. It is the inaugural allocation from the European Union’s ICO-Verde Next Generation Funds, which are specifically directed towards enhancing renewable energy development and combating climate change challenges.
Iberdrola, as a dominant player in the energy sector and a trailblazer in wind power, benefits extensively from this financial instrument. The loan not only facilitates the expansion of its sustainable projects but also underscores the company’s commitment to mitigating climate impacts and promoting energy sustainability on a global scale.
A pivotal factor in securing the loan was the backing by Spain’s Export Credit Agency, Cesce. Known for its role in managing credit and investment insurance tailored for Spanish enterprises, Cesce covers diverse risks linked to international operations. This involvement signals a robust financial backing and a critical step in mobilising resources for environmentally conscious initiatives.
Leading the legal team from WFW was Finance Partner Rodrigo Berasategui, who emphasised the synergy achieved in closing this deal efficiently. Supported by Partner Juan Vicente Barquilla and Associate Antón Ramil, the team executed the transaction seamlessly, bolstering Spain’s standing in the renewable energy sector. Berasategui expressed that working on a deal of such magnitude that advocates global sustainability was exceedingly rewarding.
This collaboration not only underscores Spain’s leadership in renewable initiatives but also paves the way for future green financial undertakings.
