Banks Back €135 Million Financing for 199MW Solar-Led Renewable Portfolio Acquired by ENCAVIS in Spain

A consortium of banks led by NORD/LB, Rabobank, and Siemens Bank has announced a €135 million financing package for a 199MW portfolio of wind and solar projects in Spain, acquired by ENCAVIS, a leading pan-European independent power producer.

The portfolio comprises three wind farms and two solar farms. Some projects are already operational, while the remaining assets are expected to reach commercial operation in Q1 2026.

The financing structure includes a €117 million term loan with a maturity extending to June 30, 2044, a €5 million debt service reserve facility, and a €13 million letter of credit facility. Under the transaction, NORD/LB and Rabobank acted as Mandated Lead Arrangers, with Rabobank also serving as Security and Facility Agent, while Siemens Bank participated as Mandated Lead Arranger.

The wind component of the portfolio consists of 24 wind turbines supplied by Nordex, while the solar projects will feature approximately 98,000 bifacial ground-mounted solar panels. Once fully operational, the portfolio is expected to generate around 467 GWh of renewable electricity annually, sufficient to power approximately 130,000 households.

Commenting on the transaction, Björn Heinemeyer, Senior Director at NORD/LB, said the financing supports Spain’s accelerating renewable energy transition and will contribute meaningfully to the country’s wind and solar capacity targets.

Mario Schirru, CEO of ENCAVIS, highlighted that the deal underscores the company’s proven acquisition strategy and strong partnerships, adding that long-term, sustainable project financing remains central to ENCAVIS’ growth model in Spain and across Europe.

Under Spain’s National Integrated Energy and Climate Plan (PNIEC), the country aims to install 62 GW of wind capacity and 76 GW of solar capacity by 2030. The newly financed portfolio is expected to play an important role in advancing these targets and supporting the country’s decarbonisation goals.

Clifford Chance acted as legal adviser to the bank consortium, while Watson Farley & Williams advised ENCAVIS on the transaction.