Dentons has advised Banco Santander on the structuring and financing of a large-scale agri-food project in Spain, which involves the acquisition of agricultural land and the development of an avocado plantation. Backed by the private equity firm Arcano, the transaction stands out as one of the most significant project finance operations in the Spanish agri-food sector in 2025.

The financing, amounting to €37 million, was structured under a bespoke project finance scheme, taking into account long-term investment horizons and the sector-specific risks. The Instituto de Crédito Oficial (ICO), along with other private financial institutions, participated in the transaction.

Dentons acted as lead advisor to Banco Santander and ICO, providing comprehensive guidance on the structuring and negotiation of the financing, the preparation of collateral packages under Spanish law, coordination with guarantor entities, and negotiation of ancillary and hedging documentation. The firm also advised on the refinancing of existing debt and the financing of equity and working capital investments.

The Dentons team was led by Luis Belart, partner in the Banking & Finance practice, with the support of Ignacio Fernández (senior associate), Miguel del Río (associate), Adelaida Torres (associate), and María Morales (junior associate).

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