Squire Patton Boggs has advised on the regulatory and financial aspects of long-term Power Purchase Agreements (PPAs) signed by Clean Power Spain Fin Holdings with major retail companies Obramat and Leroy Merlin. The PPAs are linked to project financing arranged by the sponsor with the German bank NORD/LB, for an amount of approximately €100 million. These agreements will enable the companies to cover nearly 30% of their annual electricity consumption in Spain over the next 10 years, reinforcing their commitment to sustainability and decarbonization.
The clean energy generated from solar power is fed into the Spanish national grid and certified through Guarantees of Origin (GoOs) issued by the CNMC. The project forms part of the L&G NTR Clean Power (Europe) III portfolio, which focuses on renewable energy infrastructure investments across Europe.
The agreement with Obramat covers an annual volume of 10.89 GWh, while Leroy Merlin has contracted 45.6 GWh per year, making it a landmark deal for corporate renewable energy procurement in the Spanish market.
The team was led by Antonio Bañón (Energy and Public Law practice) and José Luis Iriarte (Banking and Finance practice) in Spain.
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