The Legal 500

Clifford Chance’s multidisciplinary practice has been busy with transactions and financing in the energy and infrastructure sectors. It advised key client ACS on the sale of its Spanish renewable energy portfolio and Red Eléctrica de España on the acquisition of a number of transport networks. It advised the lenders on a €360m financing for the acquisition of 375,000 gas connection points in Madrid, and BBVA on the €36m financing of a photovoltaic power plant. Other clients include Babcock & Brown, Endesa, Abengoa and Grupo Villar Mir. Regulatory head Juan José Lavilla, corporate head José María Fernández-Daza and banking and finance leader Carlos Hernández-Canut are the three core partners. Project financing expert José Guardo is a significant new addition from Garrigues, and he has ‘deep experience of the Spanish financing system and is empathetic even in difficult negotiations’.

Under the umbrella of the wider corporate practice, Garrigues’ team has ‘deep knowledge of project financing’ and regulatory issues, particularly for renewable energy. This ‘superior’ group advised a syndicate of domestic and international lenders on financing the construction and operation of the new Móstoles hospital. It advised a syndicate of lenders on the financing of Acciona’s Spanish renewable energy portfolio, and Renovalia Wind Energy on the financing of the Pedra Larga wind farm in Mexico. Marcos Botella has ‘optimum understanding of the dynamics of processes’, and José Miguel Pinillos is ‘solid in confrontations’. Senior associate Rodrigo Berasategui is recommended as ‘a translator of structures and ideas’. Corporate head Javier Ybañez oversees the group. José Guardo recently joined Clifford Chance’s banking and finance team.

Uría Menéndez’s key partners for projects work are Juan Ignacio González and Sebastián Sáenz de Santa María. The team advised the BBVA-led syndicate of lenders on Spanish law aspects of financing for the construction of two hospitals in Chile, including advice on the corporate guarantee granted by the Spanish holding company, Constructora San Jose. It also advised a foreign renewables client as the borrower of over €500m of long-term financing for the construction of a 100MW solar thermoelectric project. Other mandates included advising a syndicate of banks on financing a project to convert facilities in Expo Zaragoza Empresarial into a business park.

Allen & Overy provides ‘a high level of service’ and is increasingly active in infrastructure projects. The team was recently instructed by the National Association of Renewable Energy Producers (ANPER) to advise on matters including administrative appeals before the Spanish Supreme Court against new regulatory measures approved by the government. Juan Barona is ‘really accessible and has the capability to resolve important issues’, and Ignacio Ruiz-Cámara is also recommended.

One of the key clients for CMS Albiñana & Suárez de Lezo’s communicative and experienced team is Iberdrola, which the firm represented in litigation against a Royal Decree which imposed an obligation to acquire and use indigenous coal, partially vetoing its purchase in international markets. The firm also acts for Acciona and Red Eléctrica España. Practice head Félix Plasencia has ‘huge experience in the energy sector’. Javier Torre de Silva is also recommended.

Project finance is a strength for Cuatrecasas, Gonçalves Pereira, which advised a syndicate of banks on the financing of three toll highways in Gipuzkoa, and advised Sumitomo Mitsui Financial Corporation on the financing of a 50MW solar thermoelectric power plant. Other clients include Enel Green Power and Endesa. Rafael Mínguez and Fernando Bernad are key members of this practice, along with energy expert Luis Pérez de Ayala.

DLA Piper is ‘more expert than others with regard to gas infrastructure projects, especially liquefaction plants and upstream projects’. Gas Natural instructed it in a major international arbitration against Algerian company, Sonatrach regarding pricing. Its ‘high level of technical expertise and know-how’ has also attracted instructions from clients such as NextEra Energy (Florida Power & Light group) to advise on all aspects of the development of four solar thermoelectric power plants in Spain, each with a nominal 50MW capacity. Javier Santos heads the renewables practice across the firm’s EMEA offices.

Gómez-Acebo & Pombo Abogados’ team of ‘highly qualified professionals’ is ‘clearly a sure bet when requesting legal advice’. It advised a consortium led by Acciona and Grupo Puentes regarding a construction and operational contract for a new hospital in Vigo, and advised new client Endesa Energía on regulatory matters. Carlos Vázquez has ‘extensive knowledge and a great sense of customer service’, and ‘looks for solutions instead of problems’.

At Jones Day, practice head Luis Muñoz and New York-qualified Richard Puttré regularly advise Spanish clients on project financing in Latin America. Recent highlights include advising a syndicate of banks on a €629m project for two 49.9MW solar thermoelectric power plants. Other clients include Electron Investment and ING Belgium.

Linklaters advises banks and corporations on a range of energy-related matters. It advised Capio on the new Móstoles hospital, JBIC on financing a solar power plant in Extremadura, and Acciona on financing aspects of the sale of a 15% stake in Acciona Energía to Mitsubishi. On the regulatory side, clients include Gas Natural, Iberdrola and Gamesa. Ben Crosse, José Giménez and practice head Pedro de Rojas are the three partners in the team.

Araoz & Rueda has expertise in hydrocarbons, gas and electricity, as well as in industry liberalisation and deregulation. The firm advised Longsol on the €80m acquisition of two renewable energy projects in France, and on four photovoltaic power plants in León. Francisco Solchaga is the key contact.

At Ashurst LLP, ‘the service is of a high standard’ and clients report ‘a very proactive attitude and quick answers to incoming questions’. Across the team, there is ‘a high level of professionalism’. Key clients include First Solar, which the firm advised on the acquisition, development and debt financing of photovoltaic power plants in Badajoz and Zamora. Gonzalo Jiménez-Blanco leads the practice.

Baker & McKenzie advised Banco Sabadell and Novacaixagalicia on the financing of a 10MW wind-powered generator in Minnesota. Other clients include BP and Elektra Holding. The firm’s key energy partners are Francisco Escat in Madrid and Xavier Junquera in Barcelona. For project finance, Rossanna D’Onza and Fernando de la Mata are the contacts in Madrid and Barcelona, respectively.

Herbert Smith LLP has been ‘doing a great job’ since arriving in Spain in 2009, earning instructions such as advising Deutsche Bank regarding project finance for a solar thermoelectric project sponsored by Ferrostaal and Solar Millenium. Senior associate and projects head Marta Sánchez-Villalta ‘demonstrates an extremely good capability for negotiation’, and Miguel Riaño is also recommended.

Lupicino Abogados International Attorneys’ clients include Geothermal International, which instructed it on a project to build a heat pump factory. Other mandates included advising Havana Energy on a sugar cane power generating plant. Luis Manuel García and Jose Maria Viñals head the practice.

Perez-Llorca recently advised E.ON and Abengoa on a joint venture agreement for two solar thermoelectric plants totalling 100MW. It is advising Gas Natural on the acquisition of 50% of EUFER’s renewable energy assets. José Ramón de Hoces and Fausto Romero-Miura are recommended.

Broseta Abogados recently advised a syndicate of banks including Santander on two road infrastructure projects totalling €600m. Valencia-based Rosa Vidal and Antonio Navarro are recommended.

Freshfields Bruckhaus Deringer’s key clients include E.ON, which it advised on general regulatory matters and on sanctions proceedings before the CNC in an abuse of dominant position case. Álvaro Iza is the key contact.

Garayar Asociados receives plaudits for ‘great performance, great response, and great work in general’. Recent work includes advising ICF Equipments on the legal structure for a public infrastructure project. Energy practice head Javier de Montalvo has ‘much energy knowledge and experience, and goes beyond legal advice to help with strategy and focus’. Gervasio Martínez-Villaseñor leads on infrastructure and project finance matters.