NORD/LB, Rabobank and Siemens Bank have closed a €135 million ($148 million) financing package for a 199-megawatt wind and solar portfolio owned by Encavis in northern Spain, the banks said.
The portfolio comprises three onshore wind farms with a combined capacity of 142 MW and two solar parks totalling 57 MW. Some of the projects are already operational, with the remaining assets expected to enter service in the first quarter of 2026.
The financing includes a €117 million term loan maturing on June 30, 2044, alongside a €5 million debt service reserve facility and a €13 million letter of credit facility, the lenders said.
NORD/LB acted as mandated lead arranger, hedging bank and letter of credit bank. Rabobank served as mandated lead arranger, hedging bank, security and facility agent and letter of credit bank, while Siemens Bank also acted as a mandated lead arranger.
The wind farms will comprise 24 turbines supplied by Nordex, while the solar parks will feature around 98,000 bifacial ground-mounted photovoltaic panels.
“We’re delighted to continue our long-standing relationship with Encavis by supporting the development of its latest wind and solar portfolio in Spain,” said Björn Heinemeyer, senior director at NORD/LB. “Spain is entering a pivotal phase in its renewable energy transition, and this portfolio will play an important role in helping the country achieve its ambitious wind and solar targets and accelerate the decarbonisation of the economy.”
Encavis chief executive Mario Schirru said the transaction reinforces the company’s financing strategy in Spain. “The close and trusting cooperation with Rabobank, NORD/LB and Siemens Bank, as well as with our advisors, also sends a strong signal for our Aragon project in Spain,” he said.
“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,” Schirru added.
Clifford Chance advised the bank consortium on the transaction, while Watson Farley & Williams acted as legal adviser to Encavis.
