DLA Piper advises Grupo Cobra on the financing of a 1,2 GW greenfield solar portfolio in Spain

DLA Piper has advised Grupo Cobra on the EUR700 million financing by Natixis CIB and Santander, for the development, construction, commissioning and operation of a photovoltaic project comprised of 21 plants, with a total capacity of 1,231 MW. This is one of the largest transactions in terms of power capacity in the history of the Spanish renewable energy market.

Grupo Cobra, an affiliate of the French company Vinci, was acquired from ACS in 2021, and is well-recognised global provider of energy services including industrial engineering, installation and maintenance of infrastructure and integrated projects.

Jesús Zapata, managing partner of DLA Piper’s Madrid office commented: “it was a great pleasure having advised Grupo Cobra in this large-scale transaction. This is a major project in the Spanish renewable energy market due to our client’s profile, the size of the project, and the complex structuring of the transaction”.

Grupo Cobra was advised, in all stages of the transaction, by DLA Piper’s Madrid-based Finance, Projects and Restructuring team, led by Jesús Zapata and José Marco, legal director, in close cooperation with Sara Espina and Santiago González, associates.