PwC Spain, through its Project Finance team, has acted as financial advisor to Magallanes Renovables in the structuring and negotiation, under a project finance scheme, of the financing for the development and construction of a pioneering tidal renewable energy project in Scotland.
The project involves the development, construction and commissioning of a 1.5 MWp tidal energy platform, an innovative renewable technology that is still at an early stage of global deployment.
The asset will be built in Galicia and subsequently transported to Scotland, where it has been awarded a Contract for Difference (CfD) by the UK Government, providing long-term revenue stability and reinforcing the project’s financial robustness.
This milestone represents a major step forward for the sector, positioning the project as a first-of-its-kind initiative and making a significant contribution to the advancement of marine energy technologies.
PwC Spain would like to thank Magallanes Renovables for their trust in our team as a partner in structuring the financing, and to congratulate the PwC professionals involved in the transaction: Iván Sánchez Saugar, Carlos Salazar Valdeiglesias, Emilio Gasco Sarria, Guillermo Morlán Meseguer, Jorge Zapico Benavides, Ander Salazar Martín and Pilar Venzal Vallejo
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