Herbert Smith Freehills Advised Acciona Energia On Sustainable Financing For Aldoga Solar Farm
Herbert Smith Freehills Advised Acciona Energia On Sustainable Financing For Aldoga Solar Farm
The funding is backed by the insurance company CESCE
Global law firm Herbert Smith Freehills has advised Acciona Energía on a AUD$453 million sustainability-linked loan to develop and operate the 480MWp Aldoga Solar Farm near Gladstone, Queensland.
The loan facility is backed by the Spanish export credit agency CESCE and was granted by a consortium of international banks, including Banco Santander, BNP Paribas, ING, and J.P. Morgan.
The Aldoga Farm will feature 820,000 solar PV modules and will generate clean electricity to supply at least 185,000 homes. The project will prevent 934,000 tonnes of carbon dioxide emissions every year.
The deal was established under the Acciona Sustainable Impact Financing Framework and is compliant with the sustainability-linked loan principles of the Loan Market Association.
It supports the development of regenerative agriculture programs for farmers in solar farms, with specific indicators to measure their impact and progress.
Commenting on the development, Gerard Pike, the lead energy partner at Herbert Smith Freehills, said, “We are thrilled to have supported Acciona Energía in securing this innovative financing for the Aldoga Solar Farm. The involvement of CESCE and the successful syndication of this green loan underscores the project's alignment with global sustainability goals.”
He added, “Our firm has worked with Acciona Energía on its Alodga project since the start, and we look forward to seeing the continuing positive impact it has on the Gladstone region in Queensland and the renewable energy sector.”
Herbert Smith Freehills’ Projects, Energy & Infrastructure team in Australia was led by energy partner Gerard Pike. He was supported by senior associate Matthew Selth and solicitors Jeremy Soh and Stewart Stevenson.
The team in Madrid was led by Finance partner Armando Garcia-Mendoza with support from associates Jose Maria Faz and Blanca Gil, on Spanish law.
Ashurst LLP acted as legal adviser for the financiers.
Banco Santander acted as the agent for CESCE, while ING served as the Environmental, Social and Governance (ESG) coordinator.
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