en.Wedoany.com Reported - Elawan Energy (a Spanish renewable energy company affiliated with Japan's Orix Corporation) has completed the financing of the "Himalaya Project," with a transaction size of approximately €760 million. The funds, structured as non-recourse project financing, are allocated to a renewable energy portfolio exceeding 1.3 gigawatts in Spain, encompassing solar photovoltaic, wind power, and battery storage.

The financing package is divided into two parts: a refinancing of nearly 1 GW of operational renewable energy assets, and a greenfield project portion of approximately 300 MW, currently under construction and development, primarily consisting of hybrid projects. The total installed capacity of the entire portfolio exceeds 1.3 GW. Elawan Energy stated that one of the most critical technical elements of the transaction is an accordion tranche of approximately 2 GW, facilitating the inclusion of new assets from the company's development pipeline into the financing structure without requiring separate independent financing.

The financed portfolio is primarily located in regions such as Castile and León, Castile-La Mancha, and Aragon, with some projects supported by long-term power purchase agreements, providing stability to operational cash flows. The company stated that the "Himalaya Project" is one of the first large-scale financings in Spain to integrate solar photovoltaic plants, wind farms, and battery energy storage systems under a single financing structure. Its development strategy also includes hybridizing operational renewable energy power plants.

Banco Santander acted as Mandated Lead Arranger and Sole Bookrunner, with Banco Sabadell participating as Mandated Lead Arranger. Regarding legal advisors, Clifford Chance provided legal services to the financing parties, Houlihan Lokey represented Elawan Energy, and Enertis Applus+ served as technical advisor.