Lightsource bp to develop five solar power plants with financing from BBVA, BNP, CA-CIB and ING

Cuatrecasas has advised Lightsource bp, a Bp subsidiary, on the financing agreement reached with BBVA, BNP Paribas, CA-CIB and ING for €175 million to build and implement the Guillena project, a cluster of five solar power plants located in Guillena, Burguillos and Alcalá del Río (Seville), with a total output of 248 MWp.

Construction of the project will start in October this year in collaboration with Cox, which will provide engineering and procurement services. Once operational, the energy plants will be capable of generating over 515,000 MWh of clean energy per year, enough to supply approximately 132,000 homes; this will prevent an annual emission of over 77,000 tons of CO2, the equivalent of removing over 60,000 cars from the roads. 

Also, the project will create up to 350 jobs during both the construction and operational phases, as well as adding €8 million in local taxes.

In the transaction, BNP Paribas acts as agent bank and transaction bank; CA-CIB, as structurer and unique provider of FX cover; and ING, as IRS coordinator.

The Cuatrecasas team providing the advice was led by lawyers Alejandro Bonitch and David Vidal, who had the support of a multidisciplinary team of specialists in regulatory, finance, commercial, real estate and tax law.