DLA Piper has advised Commodities Securitization S.A., in its capacity as sponsor, on the full securitisation of a €150 million battery energy storage system (BESS) project. The project, owned and developed by Commodities Securitization S.A., is structured through the KiWih TDA 1 securitisation, the first of its kind in Spain. The transaction envisages expansion into other EU jurisdictions and will be supported by East China Electric Power Design Institute Co. Ltd. as EPC contractor.
The DLA Piper team was led by Andrés Lorrio, Capital Markets Partner in Madrid, with support from members of the firm’s Capital Markets, Corporate and Energy teams in the same office, including Marta Clemente, Legal Director, and associates Diego Sánchez and Marcos Gil.
Commenting on the significance of the transaction, Andrés Lorrio said: “Financing this landmark project through a whole-business securitisation represents a significant evolution of our experience in financing infrastructure assets through securitisation and will support a private placement of energy tokens by the KiWih DLT Foundation in the Abu Dhabi Global Market. The project will contribute to the financial stability of energy storage projects while channeling strategic investment into clean energy through innovative solutions.”
Ignacio Ozcariz, founder of Commodities Securitization S.A., added: “We are delighted to launch Commodities Securitization’s project in Spain, which we see as a strategically important market for BESS in Europe. We are particularly pleased to use market-leading technology to accelerate the transition to clean energy in Spain, contributing to reserve markets and providing grid-forming capabilities that enhance overall grid stability.”
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