Osborne Clarke is advising Deutsche Anlagen-Leasing (DAL) on the project financing for the construction of two solar parks in Spain by its client Blue Elephant Energy (BEE). 

Last week, the two partners announced the financial close for two solar parks with 50 MWp each in Spain. In the municipality of Olmedilla (Castilla - La Mancha region), the two plants were constructed on a turnkey basis by a Spanish general contractor (EPC). Construction started in the 4th quarter of 2023; commissioning on an area of 200 hectares with around 150,000 solar modules is scheduled for the end of 2024.

Once completed, the two parks with a total output of around 100 MWp will produce around 200 GWh of electricity per year, which corresponds to the consumption of around 65,000 households. The project is being financed with funds from KfW over a financing term of 20 years plus the construction phase. The electricity will be marketed under 10-year “pay-as-produced PPAs” with an international buyer with a strong credit rating.

The financing was structured by DAL and will be provided successively as construction progresses.

“We are very pleased that we were able to support another international project of DAL by providing legal advice on this project, in which they have once again positioned themselves as an innovation leader in PPA structuring,” said Dr Daniel Breuer, head of the Energy practice group at Osborne Clarke.

“We are delighted that we were able to support these exciting projects with a customised, long-term solution and contribute our expertise in PPA-based financing together with the Osborne Clarke team. We are thus further expanding our activities for sustainable energy projects in the Spanish market,” says Antje Gruber, Senior Project Manager at DAL.

The Osborne Clarke team advising DAL consisted for Osborne Clarke Germany of Dr Daniel Breuer and Yelena Bonzel (the latter already resigned at the time of publication) (both Energy/PPA), Dr Robert Oppenheim and Sascha Grimm (both Financial Regulatory Law) as well as Olexiy Oleshchuk, Dr Thies Goldner, Reinhard Bunjes, Hriday Chawla, Arsen Dutka and Dr Maximilian Orthmann (all Financing) and for Osborne Clarke Spain of Luis Castro, Ana Isabel Lozano, José Ramón Medina and Marta Sancho (all Energy/Public Law), Ariadna Argenté (Real Estate), Alvaro Mengotti and Isabel de Cotta (both Corporate) as well as Eduard Arruga, Juan Luis Juez, Juan López-Dóriga and Andre Barona (all Financing).

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