Abraxa refinances solar plant in Badajoz

Abraxa has announced it has refinanced a solar at Valdecaballeros in Badajoz, Spain. The 5 MW Inverland photovoltaic plant, owned by Abraxa, comprises 50 plants with an installed capacity of 100 KW each.

A consortium of banks consisting of Bank of America Merrill Lynch, Germany’s Portigon Financial Services (successor to WestLB AG) and Dexia Sabadell, a joint venture between the Franco-Belgian Dexia Group and Sabadell, Spain’s fifth largest banking group, refinance the project.

International law firm Watson Farley & Williams (WFW) advised the consortium of banks on the financial restructuring of the project.

Abraxa is part of the Longsol Group, an owner and operator of utility-scale solar PV plants founded in 2006. The group’s current portfolio includes seven solar PV plants with an installed capacity of 80 MW located in Spain, France and the US. Inverland was the first plant owned or operated by Longsol.

The WFW Madrid- team advising the banks was led by Spain Managing Partner María Pilar García Guijarro.

María Pilar commented:

“To have successfully completed this transaction within an extremely tight deadline while working closely with both our clients and the project sponsor was a fantastic achievement. Having advised on yet another key refinancing in the Spanish renewables sector, following on from those of T-Solar (Tuin Zonne), Olivento, Renovalia and Sedwick among others, confirms WFW’s standing as one of Spain’s leading energy law firms”.