Firms To Watch: Projects and energy

Fieldfisher JAUSAS boasts outstanding regulatory and litigation capabilities; Ramón Vázquez del Rey leads the newly launched practice.

Projects and energy in Spain

Clifford Chance

Clifford Chance is a tough firm to beat when it comes to energy and projects. The well-rounded team of partners houses some outstanding regulatory expertise, including in contentious-administrative procedures, and remains highly active advising commercial lenders, project sponsors and international financial organisations on the financing of energy projects. The team can also regularly be found advising on major acquisitions in the renewables sector, drawing on its skilled M&A practice. Among the team’s highly experienced partners are José Guardo, who leads the banking and finance department; head of public law Jaime Almenar; and dealmakers Samir Azzouzi, Javier Amantegui and Luis Alonso. Senior associate Clara Alcaraz, who brings in key support on the regulatory side, is another name to note.

Other key lawyers:

Clara Alcaraz


‘A multidisciplinary team (essential in this field due to the multiple legal implications of the projects) with great experience and knowledge, as well as a very powerful structure in Spain and the rest of the geographies in which we operate. I consider them one of the best law firms in Spain in this field.’

‘Jaime Almenar stands out for his deep experience, breadth of knowledge, availability, business sense, work capacity, plot innovation and quality / price.’

Key clients


Allianz Global Investors GmbH


Atlas Renewable Energy

Banco Santander

Caixabank S.A.

Cubico Sustainable Investments Spain, S.L.




Grenergy Renovables


Natixis, Spanish Branch


Total Solar

TPG Global, LLC

Work highlights

  • Advising ACS and its investment bank Key Capital on the sale of its industrial division to Vinci for €5.2bn.
  • Advising EQT on the €881m voluntary takeover bid over Solarpack Corporación Tecnológica.
  • Advising Eni on the acquisition from Azora Capital of three wind farms in operation and one under construction for a total of 230MW and a portfolio of solar projects in advance development of around 1GW.


With a significant presence in Spain and Latin America, Cuatrecasas maintains its intense activity in the projects and energy market. The sizeable multidisciplinary practice has a superb track record acting for major clients in M&A deals; financing and refinancing energy projects in Spain and abroad; as well as on regulatory mandates. Highlighted practitioners include Íñigo Rubio, who heads the finance practice in the Madrid office; administrative and regulatory law specialist Luis Pérez De Ayala, who also advises clients on PPAs; Agustín Cerdá, who focuses on the finance side; and senior associates David Vidal in project finance and Alejandro Bonitch. The department was further strengthened in November 2021 with the hire of Félix Plasencia Sanchez from EY Abogados.

Key clients






























Work highlights

  • Advising Q-Energy on the sale of a portfolio of 73 photovoltaic power plants, with a total capacity of 216MW, with a deal value of €1.3bn.
  • Advising Coronation Holdco Renovables on refinancing 13 wind projects (approximately 375MW) in Aragón.
  • Advising Gesternova on a joint venture with Ikea for the marketing and installation of energy-efficient solar panels.


A portfolio of renowned international and domestic clients regularly call on Garrigues' experienced energy and projects team to direct their investments in the Spanish market. Comprised of a group of ‘experts in energy’ with excellent cross-border capabilities, the practice is well versed in the financing and sale and purchase of renewable energy and infrastructure projects. Silvestre Arana, project finance specialist Marcos BotellaÁlvaro Valle and principal associate Jon Goirigolzarri are among the team's highlighted practitioners. In addition, the firm's subsidiary G-advisory is focused on offering technical, economic and strategic advice in the areas of energy, environment and sustainability, climate change, and risk and compliance.


‘Broad expertise in energy sector. Very experienced in renewables.’

‘The Garrigues team is very complete in energy matters, both for M&A operations (Gonzalo Valencia) or for its financing (Marcos Botella). They have great vision for closing deals and are active people in trying to successfully close deals.’

‘Involvement, knowledge, empathy, search for solutions to problems.’

Budget oriented closing mode. I’d highlight Marcos Botella and Raul Suarez.’

‘For our company’s legal advice, working with Garrigues means receiving excellent advice in all areas. First of all, the Garrigues project and energy team stands out for its technical quality, with its lawyers having a first-rate level of experience and legal knowledge in the sector. Garrigues has been a fundamental piece and a “bridge” for our operations in Latin America.’

‘Within the Garrigues team, the partners who excel in the practice of project financing are José Miguel Pinillos, Gaspar Atienza and Marcos Botella. Each of them has extensive experience in the sector and they have an excellent valuation and unanimous prestige. In addition to having participated in the most innovative and relevant project financing operations that have taken place in Spain in recent years, we value their constant involvement in all matters in which they advise us. In addition to the partners who lead the practice, Jon Goirigolzarri, Javier Bosch and Raúl Suárez are three Garrigues associates who undoubtedly stand out in the sector and in our opinion are called to play a very relevant role in the coming years. Despite their youth, they have extensive experience -both in Spain and abroad- that makes them fully trustworthy lawyers to lead any kind of operation.’

‘Garrrigues are experts in energy and very client focused.’

‘Alvaro Valle and Luis Enrique Mata are a great team. They are calm under pressure and can process large volumes of work in a short time. I know I can trust them to deliver.’

Key clients

Alfanar Energy

Alpiq AG

Banco de Sabadell

Banco Santander

BNP Paribas


Deutsche Bank

European Investment Bank


Ignis Desarrollo, S.A.

Interenergy Group


Pavilion Energy

Plenium Partners

Plug Power Inc.

Q-Energy Private Equity SGEIC, S.A.

Saeta Yield




Work highlights

  • Advised Iberdrola on the acquisition (by way of merger) of PNM resources.
  • Acted as Spanish counsel to the lenders, issuing banks and the collateral agent in the refinancing of financial debt of the EnfraGen Group.
  • Advised Q-Energy on the €732m Project Archimedes – Torresol CSP portfolio financing.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo‘s stellar energy and infrastructure practice is renowned in the market for its dexterity and expertise in M&A, project finance, litigation and regulatory work. Department co-head and ‘the number one in the sector’ according to a client, Verónica Romaní is a recognised expert in renewable energy, M&A and project finance. Also noteworthy are the head of infrastructure, Carlos Marina, who specialises in all stages of project finance; Luis Gil, the firm’s go-to expert for energy regulatory matters; and banking and capital markets partner Fernando Igartua. The department was further reinforced in June 2021 with the arrival of Vanessa Armas, who joined as of counsel from Jones Day, and again in December 2021 with the hire of Santiago Garrido from Hogan Lovells International LLP.

Other key lawyers:

Fernando Igartua; Luis Gil; Santiago Garrido


‘Great experience in the area.’

‘Verónica Romaní has always been a super expert in the sector, a benchmark. She knows them all. She is the number one in the sector.’

‘Sector knowledge. One of the leading Energy law firms.’

‘Absolute availability of the entire team from the Partner to the junior lawyer. Extensive knowledge. Understanding the needs of the Entity when transferring the documentation and / or in the negotiation between the parties.’

‘The Gomez-Acebo & Pombo team is a team with an exhaustive knowledge of the market and with commercial qualities that make the experience very satisfactory. For internal lawyers it is important to have an indication of the terms and conditions accepted by the market, being essential that the advisor is in contact with the main players and in M&A operations in the market, such as GA_P.’

‘In terms of quality-price, in my opinion, it is one of the most competitive offices, being at the height of the “magic circle” offices, but having much tighter minutes. The operations in which they have worked end up being very profitable for GA_P’s clients, with risks well mitigated and always having satisfactory commercial and legal terms.’

‘I always work with Veronica whenever I can choose my legal adviser and we have a standard senior loan, Spanish law, renewable project.’

Key clients

Cubico Sustainable Investments

Octopus Energy

Hanwha Group

Endesa, S.A.

Eni Iberia, S.L.


Triodos Bank N.V., S.E.

Helia Renovables F.C.R.

Watt Development




European Energy


Abei Energy Group

Sun European Investments

Warwick Capital


Compañía Española de Petróleos (CEPSA)


Banco Santander

NextEnergy Capital


Abanca (formerly Novacaixagalicia)


Banco Bilbao Vizcaya Argentaria – BBVA


Cubico Sustainable Investments

GED Infrastructure

Helia Renovables, F.C.R.



Banco Santander


Plenium Partners


Triodos Bank



BNP Paribas

Banco Sabadell

Siemens Bank

Crédit Mutuel CIC

Dhamma Group

Banco Pichincha


Work highlights

  • Advised Meridiam Investments on the acquisition and refinancing of eight infrastructure concessions from Acciona.
  • Advised Q-Energy on over 20 M&A deals, with different sellers and different types of assets with aggregate value above €1bn.
  • Advised the shareholders of Dhamma Energy on the sale of the overall platform to Eni gas e luce, a subsidiary of Eni SpA.

Herbert Smith Freehills LLP

The ‘very professional and experienced’ practice at Herbert Smith Freehills LLP is renowned for its expertise handling M&A, projects and regulatory matters within the energy sector. The department, which can accompany clients during all stages of projects (including development, financing, dispute resolution or planning) draws on the expertise of key practitioners Ignacio Paz, who has a focus on M&A, PPPs, project development and finance; Miguel Riaño; head of finance Armando García-Mendoza; Iria Calviño; José Ramón Mourenza; and senior associates Beatriz Plaza and Miguel Fraga. The team also boasts notable cross-border capabilities, and often works closely in transactions with the firm’s other offices, primarily the London office.


‘The team has a good combination of expertise in administrative law / regulation in the energy sector and expertise in commercial aspects to provide the most complete vision in M&A operations, as well as in risk mitigation issues in the face of regulatory developments.’

‘Profound knowledge of the sector with a deep understanding of the business and its needs, combined with a practical approach. José Ramón Mourenza has very deep knowledge of the regulation of the sector, which translates in a very didactic and accessible way, insightful in analyzing the business implications of regulatory changes, creative in proposing solutions, very accessible. Ignacio Paz has experience in M&A operations in the sector, complete overview, practical and with a negotiating and facilitating spirit, very accessible. very good ability to coordinate multidisciplinary and multi-jurisdictional teams.’

‘Very professional and experienced team, a lot of knowledge of the energy sector, which is the practice in which we have worked the most together.’

‘Professionalism, experience, dedication, quality of work. I’d highlight Armando García Mendoza and Beatriz Plaza.’

‘Office with highly prepared partners with knowledge of the sector.’

‘I’d highlight the policy of “one stop shop” and account management’.

‘Beatriz Plaza – attention to detail and understanding of the big picture.’

Key clients



Gestamp Biomass



Cubico Sustainable Investments


Banco Santander



Asterion Industrial Partners

Allianz Global Investors

iCON Infrastructure

Berkeley Minera España

Cobre Las Cruces (CLC)

China Triumph International Engineering Co.

Work highlights

  • Advising Abengoa on the restructuring of its financial indebtedness and the financial indebtedness of other group companies.
  • Advised Acciona and Plug Power on their joint venture to establish a green hydrogen platform for Spain and Portugal.
  • Advised Cubico Sustainable Investments on two refinancing transactions involving €219m and €198m facilities agreements subject to Spanish law.


Highlighted as ‘one of the best in this practice’, Linklaters' Spanish office covers the whole spectrum of energy-sector matters, from day-to-day regulatory work for Spanish and foreign companies, to transaction-related mandates in the areas of corporate and M&A, banking, projects and capital markets. The department, which also excels in contentious matters, includes some of the market's most highly regarded partners, like José Giménez, head of the public law practice, who garners praise for his ‘unique knowledge of the sector and enormous experience’. Senior partner Alejandro Ortiz; skilled M&A practitioner Lara Hemzaoui; counsel Roberto Sánchez; and managing associate Jorge Toral are other key members of the team.

Other key lawyers:

Jorge Toral


‘The team is very complete. Advises on energy projects in all their dimensions (M&A, lawsuits, regulatory, financing, etc.).’

‘I would highlight José Giménez and Roberto Sánchez.’

‘Knowledge of the sector. They know how to distinguish important issues from less relevant ones. Excellence in execution. Good environment.’

‘José Giménez is an exceptional attorney, with a unique knowledge of the sector and enormous experience. Always ready and always with a commercial vision.’

‘Linklaters is a law firm of the highest level and on which we have relied to carry out large operations, either of sale or of financing and refinancing of assets. Its global position and prestige always help in the correct implementation of these operations. The teams led by José Jiménez, with Jorge Toral, Lara Hemzaoui and Ricardo Pérez have always helped the team in these operations.’

‘Great knowledge and international image of a large firm. Seriousness, confidence.’

‘Without a doubt, their extensive experience, extensive knowledge and skills in writing legal documents make the Linklaters team one of the best in this practice. The understanding of technically complex issues and the incessant search for legal solutions, adding rigor and value to their writings is a defining note of the team.’

‘Jorge Toral and Jose Gimenez: brilliant, rigorous, and with extensive knowledge of the environment and energy, they allow the in-house attorney to blindly trust their legal criteria to solve any problem.’

Key clients

IFM Investors

I Squared

China Three Gorges

ORIX Corporation

Bruc Energy

Banco Santander





Red Eléctrica de España




Sonae Capital

Amundi Private Equity Funds

Canada Pension Plan Investment Board

Eolia Renovables de Inversiones


Naturgy Energy Group

Watson Farley & Williams LLP

The energy practice at Watson Farley & Williams LLP, which earns plaudits for its ‘high level of expertise’ and ‘exceptional technical competence’, has positioned itself as a reference firm in the structuring and negotiation of transactions for the acquisition of large portfolios, and in the financing (both domestic and cross-border structures) of renewable projects in all their stages. ‘Exceptional both from a technical and human point of view’, María Pilar García Guijarro heads the sizeable practice, which includes finance expert Rodrigo Berasategui and David Diez, who focuses on the regulatory side of the practice.

Other key lawyers:

Rodrigo Berasategui; David Diez


‘Knowledge of the sector both from a regulatory point of view and knowledge of the business environment is exceptional.’

‘Calm, business-oriented specialist in the renewable energy sector.’

‘The WFW Projects and Energy team has exceptional technical competence. In addition, it participates in numerous projects and advises diverse clients, which allows it to be permanently up-to-date with the “state of the art” and in contact with the different administrations. The combination of both factors is key in this sector, particularly in a regulatory context such as the current one. Additionally, the degree of seniority within the firm is very high.’

‘One of the aspects that we value the most about WFW is the accessibility and empathy of the most senior profiles. At the individual level, we highlight the contribution of David Diez. He is the person of reference for us within WFW. Beyond his level of professional competence, which is outstanding, we’d highlight his degree of involvement with the client and the absolute availability to attend to any request.’

‘High level of expertise in all topics related to energy projects promotion, including planning, real estate and energy.’

‘María Pilar García Guijarro has an exceptional level of both commercial and legal qualities, and substantially contributed to the successful completion of the transactions she was involved with.’

‘It is a very dynamic team. They cover all areas of the sector with reasonable rates. Quality of service “magic circle” at reasonable prices. Very proactive in proposing solutions and alternatives to problems.’

‘María Pilar García Guijarro, exceptional both from a technical and human point of view. Absolute availability and always proactive attitude.’

Key clients

Bluefield Partners

Cerberus Capital Management

Caisse de dépôt et placement du Québec

Capital Dynamics Ltd

Copenhagen Infrastructure Partners (CIP)

CPPIB (Canada Pension Plan Investment)

Falck Renewables

Helios Energy Investment

Macquarie Capital

Noy Infrastructure & Energy Investment Fund

Octopus Renewables Infrastructure Trust plc

Ontario Pension Trust

Plenium Partners

Predica Enérgies Durables

REEF Development



Work highlights

  • Advised CIP on the acquisition, from Forestalia Group, of a portfolio of renewable wind assets under development with an aggregate capacity of c.1,130MW, located in Aragón, Spain.
  • Advised CDPQ on its acquisition from Q-Energy of a large-scale photovoltaic brownfield operating portfolio with a total capacity of  216MW located in several Spanish regions.
  • Advised Natixis as underwriter and sole coordinator on the green project financing of the 138MW San Serván photovoltaic  plant being developed by Fotowatio Renewable Ventures in Spain.

Allen & Overy

Allen & Overy's experienced projects and energy practice garners praise for its ability to ‘handle complex operations and adapt to demanding timings’, showing great dexterity advising on a wide range of financing, litigation and M&A mandates, while also boasting excellent capabilities in the management of projects (both domestic and cross-border) and arbitration. The firm is home to outstanding practitioners like finance experts Jimena UrretavizcayaCharles Poole-WarrenIgnacio Ruiz-Cámara and Vanessa Cuellas, who was appointed partner in 2021. Additional expertise is brought to the practice by Iñigo Del Val and Ignacio Hornedo, who handle M&A; Pablo Mayor, who handles regulatory work; and senior associate Nuria Ferré.

Other key lawyers:

Nuria Ferré; Marina Jiménez; Laura Cabezas; Paloma Asegurado; Patricia Figueroa


‘It is a serious firm capable of carrying out complex operations and adapting to the demanding timings set by banks.’

‘Good availability and knowledge. The best: Vanessa Cuellas, Ignacio Ruiz Cámara, Nuria Ferrer.’

‘Allen & Overy has a highly qualified and perfectly synchronised Project and Energy team, in such a way that each member has their role and their specific degree of involvement. Also noteworthy as differentiating elements are its extensive experience and participation in relevant transactions within the sector and its ability to react to offer viable alternatives in the face of adversities that may arise during the course of the operation.’

‘Consolidated experience, advanced knowledge within the sector and a high degree of participation in negotiation sessions are some of the features that, in our opinion, make A&O’s Projects and Energy team stand out. Other distinctive qualities would be: the high degree of involvement of its partners (based on our experience, we highlight Charles Poole-Warren and Vanessa Cuellas), who demonstrated a great capacity to substantiate their position in the negotiations (proving to be benchmarks in the sector) and the security with which the entire team had controlled at all times each specific aspect of the project in which they advised us (also highlighting Nuria Ferré, Marina Jiménez, Laura Cabezas and Paloma Asegurado).’

‘Great experience and knowledge of the sector. Operation very coordinated with other practices.’

‘They are close and experienced people. They put themselves in the client’s shoes. Working with them is easy, they help the deal move forward.’

‘Ignacio Hornedo and Patricia Figueroa perfectly understand client needs and have a high capacity to analyse and detect problems in any negotiation both from a legal and business point of view.’

Key clients


Banco Santander



Eliantus Energy

European Investment Bank





Eolia Renovables


Banco Sabadell

Acciona Energía

Corporación Masaveu


Bruc Energy


Matrix Renewables


Work highlights

  • Advised BNP Paribas as the sole arranger in respect of debt financing and guarantee facilities for IFM Investors’ €5.06bn offer for 22.69% of the shares in Naturgy Energy Group.
  • Advised Santander and Sabadell on the refinancing through project bond financing of the debt of 13 solar PV plants owned by Eolia Renovables.
  • Advised BNP Paribas, BBVA, Banco Santander and Mizuho on a €600m guarantee line to Siemens Gamesa in relation to offshore wind project Hornsea 2.

Ashurst LLP

Ashurst LLP‘s well-rounded Spanish practice, which works closely with other global offices of the firm, delivering ‘high-level customer service and successful results’, is led by Andrés Alfonso, the ‘ideal professional partner’ according to a client. The team covers the corporate, finance and tax aspects of projects, and often puts its contentious capabilities to use in energy-related arbitration proceedings. Other key members of the practice include José Christian BertramJosé Antonio Rodríguez and Pablo Garcia-Manzano. Manuel López left the firm in December 2021.

Practice head(s):

Andrés Alfonso


‘The team has a very good view on the details to take into account in transactions, both from the point of view of M&A and regulation, objectively evaluating the risks and opportunities of the transactions. They have a deep knowledge of the world of renewable energies and Andrés Alfonso, in particular, a complete disposition to answer questions and suggest actions.’

‘Andrés Alfonso has always been available and has been decisively involved in operations, even in details that a priori seemed routine. He has a deep knowledge of the industry and we rely heavily on his judgement and analytical skills. In addition, he always tries to provoke connections between different actors to favor the development of the industry.’

‘A team with great experience, that distributes tasks and objectives well and that relies correctly on other Ashurst offices in other countries to achieve high-level customer service and successful results.’

‘Andres Alfonso is a lawyer who not only provides employment advice, but is involved in commercial aspects, reconciling, maximizing value and optimizing resources. He is an ideal professional partner in the creation of new businesses in the field of energy and with both national and international dimensions.’

‘The Ashurst energy team has a powerful combination of strong commercial drive with highest technical skills, and it delivers the advice in a concise, punctual friendly fashion. Overall an excellent team.’

‘I would like to specifically mention Andres Alfonso, Francisco Vazquez and Nicolás Zúñiga. This team has successfully managed and coordinated a complex transaction involving three jurisdictions in Europe and LATAM within the time and budget pre-agreed. Their work was exceptional throughout the transaction.’

Key clients

Cobra Instalaciones y Servicios, S.A.

Sener Ingeniería y Sistemas, S.A.



Lightsource BP

John Laing

3i Infrastructure

Iridium (ACS Group)


Banco Santander

Macquarie – Green Investment Group



Siemens Gamesa

Cobra (CAS)


Lightsource (BP)



Work highlights

  • Advising John Laing on the financing of the acquisition of a 21.15% stake in Concesión La Pintada.
  • Advising Valfortec on the issuance of a green bond on the MARF (the Spanish Alternative Fixed-Income Market) in connection with the financing of a portfolio of PV solar energy projects.
  • Advising Cobra Instalaciones y Servicios and Sener Ingeniería y Sistemas as EPC contractor in relation to a new LNG terminal in Brunsbuettel, Northern Germany.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo has a robust practice in projects and energy, headed by managing partner César Albiñana, regulatory and public law expert Ignacio Grangel and Luis Miguel de Dios. The team offers combined expertise in corporate, finance, regulatory matters and disputes, frequently acting for domestic and international companies in litigious matters. Counsels Reyes Robledo, José Luis Pérez-Campoamor and Ignacio Cerrato are other names to note. Clients praise the team's ability to explain ‘the specifics of the Spanish market’.


‘Combined experience in renewables deals, regulatory matters, and understands well the needs of international financial investors.’

Very experienced in explaining the specifics of the Spanish market to foreign individuals.’

‘At all times they have responded in a timely manner to our needs. The different teams that have worked during this time had been coordinated by Mr. Ignacio Grangel, and the result of the work had met our expectations. Mr. Grangel, as a State Attorney who has worked in Electricity and Gas Companies, is an expert in Energy, Mining and Administrative Law (concession area). He has a professional background that, together with his personal disposition, facilitate the relationship with the client, generating trust.’

‘I would highlight the client service, empathy and coordination.’

The team is very pleasant to work with, understands German culture, language and approach.’

Key clients

Northland Power


Real Asset Advisers Limited

Nordex (Acciona)

Redexis Gas


Iberdrola Renovables


Work highlights

  • Advised Northland Power on its entry into the Spanish market through the purchase of a portfolio of renewable energy projects from Helia for €1,061m.
  • Advised Eni on the disinvestment of its 50% shareholding in Union Fenosa Gas (UFG), sold to Spanish energy company Naturgy, which owned the other 50%.
  • Advisor to Iberdrola Renovables, providing general and ongoing regulatory advice covering a wide range of administrative, environmental and tax matters related to its business.

DLA Piper

Notable Spanish and foreign institutions, banks, insurance companies, investment funds, issuers, borrowers and sponsors seek out DLA Piper‘s energy practice for its unique ‘customer- and solution-oriented expert advice’. Recently, the team, which is jointly led by César Herrero and Javier Santos – lauded by clients as one of ‘the very best’ in the field – has had a focus on infrastructure work and renewable energy, while also advising on regulatory matters and transactions, both domestic and cross-border. Of counsel José Manuel Sala, a ‘guarantee of quality and solvency’ according to a client, is another name to note.

Practice head(s):

César Herrero; Javier Santos

Other key lawyers:

José Manuel Sala; Juan Gelabert; Carmen Sánchez; Carmen Fernández-Ladreda


‘The customer- and solution-oriented expert advice you get is unique.’

‘We consider Javier Santos to be among the very best of his field.’

‘The work they have carried out has been impeccable and in different fields, experienced people, with excellent client service and commitment.’

‘The operations in which we have worked with DLA on Energy projects have been successfully formalised, with a very professional and serious team.’

‘Excellent professionals, fully involved in the operation. I have worked with Juan Gelabert and his team in Project Finance operations. The work has been more than outstanding. It has helped us a lot to reach agreements with complicated clients.’

‘César Herreo, Carmen Sánchez and Carmen Fernández-Ladreda are very committed and with a very deep legal knowledge.’

‘Javier Santos was available at all times as the main contact person. He distinguishes himself on the one hand by his calm and mediating manner and on the other hand by an extremely high expert know-how as well as detailed knowledge of all negotiated contracts. Javier Santos is extremely efficient and expeditious in his execution. He was also able to convince the teams of other law firms in many negotiations with cogent argumentation and therefore significantly enhanced many contracts as a whole.’

‘Jose Manuel Sala is a great professional with solid knowledge in matters of the regulated energy sector, and in administrative procedures.’

Key clients

Aquila Capital

Commerz Real


Sol Noctis

Suez Group


Sampol Energía

Banco Sabadell

Banco Santander



Falck Renewables


Unión Fenosa Gas


EDP Renovaveis




Banco Itaú

Banco CorpBanca

Banco Estado de Chile

Work highlights

  • Advised Aquila on the acquisition of two portfolios combining more than 1.3GW of Spanish photovoltaic plants under development.
  • Advised Commerz Real on the acquisition of a 130MW photovoltaic portfolio.
  • Advised Banco Sabadell on the financing of the construction and operation by Forestalia Renovables of a c.50MW photovoltaic plant in Aragon.


Boutique firm MVA ASOCIADOS fields a five-strong energy and projects department, comprising ‘experts in their field’. With solid expertise in a range of sectors, including power, renewables, and oil and gas, practice heads Gervasio Martínez-Villaseñor and Javier Montalvo regularly act for a diverse portfolio of clients, including Spanish and foreign multinationals and investment funds on regulatory, contentious and transactional mandates. Gonzalo Rubio is another key member of the team.

Other key lawyers:

Gonzalo Rubio; Eduardo Abril


‘Experts in the field (industrial solar park purchase transaction), great previous experience in content and type of transaction. Full dedication, 24/7. Demanding in seeking the maximum for their client, they are not limited to the legal part, they also try to help structure the transaction in general to carry it out in the best possible conditions for the client.’

‘Expert and experienced partners, junior support team that clearly has ongoing interaction with partners.’

‘Partners always involved. High quality work. I’d highlight Eduardo Abril.’

‘MVA has been our trusted advisor in Spain for almost 3 years now, and we keep going to them for advice on new projects. The main reason is that they are experts in their field. They are also dedicated to the projects we have with them, and are very reactive.’

‘Excellent knowledge of the sector and of the different phases of processing of all types of projects. They cover the different legal facets of the development of energy projects. Long practice in M&A transactions of energy projects. Specialisation.’

‘Experience and knowledge of the sector. Involvement. Availability.’

‘What makes this practice unique is that they get to understand technical issues, they are able to capture the technical essence to capture what is necessary from a legal point of view.’

Key clients



EDP RENEWABLES (Energias de Portugal Group)


Hanwha Energy Corporation Europe

Hanwha Q Cells

ACER (Agency for the Cooperation of Energy Regulators)

Naturgy Energy Group (formerly, Gas Natural Fenosa)

Reden Solar, S.A.S.

AXPO Iberia (EGL Group)

Global Cleantech Fund

Rgreen Invest

Alion Power


BP Spain


Planta de Regasificación de Sagunto (SAGGAS)

Glenmont Partners

Asociación Española del Gas (SEDIGAS) (the Spanish Gas Association)

Ferrovial Servicios


Plenium Partners

Sacyr Concesiones


Work highlights

  • Advised Alion Power/Global Cleantech Fund/Rgreen Invest on the acquisition of a portfolio of over 500MW solar PV projects in Spain.
  • Advised Repsol regarding the repowering in 1,014MW of existing Aguayo Hydroelectric Plant, located in Cantabria; the amount of the deal is over €600m.
  • Advised Axpo on the drafting, negotiation and execution of two PPAs for two wind farm projects under development in Spain.


Ander Valverde, who specialises in project finance, regulatory expert Ana Cremades and Javier Carvajal, who has a focus on corporate and M&A, head the projects and energy department at Spanish full-service firm Pérez-Llorca. Well known for its expertise in project finance and the financing of renewable projects, the practice also shows prowess handling transactional, regulatory and litigation-related mandates. Mónica de San Román, appointed partner in 2021, brings in additional experience on the finance side.

Other key lawyers:

Mónica de San Román

Key clients

Trina Solar

Trilantic Capital Partners

Tresa Energía

Sonnedix España

JZ International


Taiga Inversiones Eólicas

Bulb Energy Limited

Cepsa Comercial Petróleo, S.A.U.

EDP España S.A.U.




Banco de Sabadell

BNP Paribas





Plenium Partners

Work highlights

  • Advised CaixaBank on all legal aspects of the refinancing of several photovoltaic plants for a maximum aggregated amount of approximately €154.9m.
  • Advised Trina Solar on the sale of all the shares of a solar PV project portfolio to The Rise Fund, a global impact investment fund managed by TPG.
  • Advising Repsol, Suez and Enerkem regarding merger control related to the acquisition by Repsol Industrial Transformation of a 39% stake in the share capital of Ecoplanta Molecular Recycling Solutions.

Uría Menéndez

Praised for its ‘exceptional knowledge of the sector and quality of the work’, the renowned energy practice at Uría Menéndez regularly acts for both lenders and borrowers on a broad range of financial and corporate transactions within the sector. Jointly led by Ángel Pérez López and Juan Ignacio González Ruiz, the department is also involved in energy, infrastructure (roads, railways and ports) and real estate projects. Recently appointed partners Ignacio Álvarez Couso and José Félix Zaldívar de la Rica (who heads the firm's New York office) are other key practitioners in the team, which boasts a solid presence in Latin America.


‘I would highlight the exceptional knowledge of the sector and quality of the work carried out. Great delivery and availability to reach the marked deadlines.’

‘The strengths that set them apart from competitors are the high quality of their work, their diligence and their availability. I would highlight the partners Ãngel Pérez and Luis Jiménez for their great dedication and effort. Their ability to adapt and their full involvement in matters are especially relevant characteristics.’

‘Good experience in the Spanish energy market and its regulation.’

‘I’d highlight the firm’s work capacity and constant availability.’

‘In-depth knowledge of specific renewable generation regulation for the biomass plant sector.’

‘Fernando Calbacho: Total availability without limit. Deep knowledge of different areas. High level of confidence. The client is always first.’

Team building commitment. Realistic valuation without hesitation.’

Key clients

Ence Energía & Celulosa.

Helia Renovables

China Three Gorges

Banco Bilbao Vizcaya Argentaria, S.A.

Repsol Renovables, S.A.

Soltec Power Holdings, S.A.

Deutsche Bank, Kommunalkredit Austria

Lightsource BP

Bruc Energy

Banco Bilbao Vizcaya Argentaria, S.A.

Goldman Sachs, Inc.

Cartuja Solar, S.L.U.

Credit Agricole Corporate and Investment Bank, Suc. en España.

Banco de Sabadell, S.A.

Azora Capital

Bird & Bird

Bird & Bird's practice in Madrid specialises in energy M&A transactions, combining commercial and corporate skills with specific knowledge of industry regulation. The firm also represents clients before the Spanish public authorities and courts. The practice is jointly led by Hermenegildo Altozano, who according to a client ‘has the most global vision of the energy sector in Spain'; skilled litigator and regulatory expert Coral Yáñez; and Alfonso Bayona, who joined the firm in March 2021 from Cazorla Abogados, and focuses on M&A and finance transactions.


‘They have a very extensive knowledge of the energy sector, both in operations and in the procedural field.’

‘Relatively small but highly specialised team. The team’s professionals have extensive sector knowledge and a very practical orientation.’

‘Hermenegildo Altozano is a lawyer with enormous experience in the energy sector. He has a very practical approach to matters and is an excellent negotiator who always seeks agreements without detracting from the best protection of the interests of his clients. Close treatment, absolute availability and with great technical depth.’

‘Hermenegildo Altozano is a great lawyer. He brings experience, great technical knowledge and has a good commercial approach.’

‘They know how to adapt to the type of operation to the different nature of each client.’

‘Its human quality and knowledge of the energy sector as well as its fees, always adjusted to the reality of the project.’

‘Hermenegildo Altozano has the most global vision of the energy sector in Spain, covering regulatory, contractual and transactional issues.’

Key clients











BAS Projects Corporation, S.L.


Operating from Madrid and Barcelona, the energy practice at DWF-RCD is renowned for its expertise in M&A, regulatory work and project finance. The department is jointly led by Federico Belausteguigoitia, who has a long track record advising on the sale and purchase of renewable energy assets and their construction licenses, permits and authorisations; and Javier Olmos, who is regularly involved in contentious proceedings and transactional matters, and garners praise for being ‘very knowledgeable of the sector’.

Other key lawyers:

Lluís Pons Mir; Sara Rafecas


‘Excellent treatment and concern for solving customer problems. Very decisive and with great availability even for emergencies. Practically the entire project was carried out with Lluís Pons Mir, with excellent results.’

‘Javier Olmos is very knowledgeable about the Sector. With updated training and with a lot of experience. Sara Rafecas has a lot of experience also in energy operations. Resolutive, expeditious, with a lot of control of all pending issues.’

‘Strengths: speed, efficiency, precision and rigor in all the work that we have commissioned from this firm. Constant communication about the status of the project or news.’

Jones Day

Jones Day's global energy, projects and infrastructure team has remained particularly active representing lenders and investors in connection with the development, financing and acquisition of mid- to large-scale renewable energy projects. The practice is co-headed by well-known sector expert Fernando Lillo; skilled litigator Mercedes Fernández; banking, projects and acquisition finance expert Javier López Antón; and Raimundo Ortega, who handles the regulatory side of the practice. Sergio Cires is a name to note at the associate level.

Practice head(s):

Javier López Antón; Raimundo Ortega; Mercedes Fernández; Fernando Lillo

Other key lawyers:

Sergio Cires

Key clients


Cointer Concesiones

Banco Bilbao Vizcaya Argentaria (BBVA)


Banco Santander

CBRE Global Investors

Montepino Group

Banco de Sabadell

Haitong Bank


Work highlights

  • Advised CBRE on the refinancing and subsequent sale of Montepino to Bankinter, with a deal value above €1.2bn.
  • Advised an international infrastructure fund on a complex transaction which required the screening of the merger authorities (both the EU and Spain) and the FDI regulators.
  • Together with the New York and Paris offices, advised a US company on the negotiation of a virtual power purchase agreement (PPA) linked to guarantee of origins rights.

King & Wood Mallesons

King & Wood Mallesons' ‘very responsive’ energy and infrastructure team covers the gamut of work in the energy sector, regularly advising national and international clients in corporate transactions, regulatory, litigation and project finance mandates. Gonzalo Olivera, who specialises across a range of energy and infrastructure sub-sectors, heads the small but stable department, closely supported by Roberto Pomares and prominent senior associate Alberto Artés, who combines his regulatory expertise with his capabilities in the transactional side of the practice.

Practice head(s):

Gonzalo Olivera

Other key lawyers:

Roberto Pomares; Alberto Artés


‘Excellent attention and treatment. Very professional and personal. Gonzalo Olivera and Alberto Artés in particular. Always with a good disposition and excellent response time.’

‘The partners and the rest of the KWM team have stood out both for their knowledge of the subject matter and of those other derived issues that have arisen during the process, as well as the full availability to answer all those doubts and queries that also appeared. KWM is among the top and best law firms we work with.’

‘Good knowledge of the market and of the critical clauses in the different types of contracts with which we have required the support of King & Wood Mallesons. They are very quick to respond and always explain the consequences of the clauses to those of us who are engineers (and not lawyers). They also know very well how to describe the critical points of the “nice to have”, necessary for any negotiation with other parties.’

‘Gonzalo Olivera and Alberto Artés are very attentive, they respond very quickly to any query, they have been available to us outside of normal hours. In this way, we have been able to advance quickly in the projects that we are managing. They give us a lot of confidence by being so didactic and at the same time executive and clear on the points to comment / defend / negotiate.’

‘Very responsive to our queries, a super mix of legal and practical advice and solutions for us.’

‘Mainly I work with Gonzalo Olivera and Alberto Artes. I have never worked with people that grasped the legal but also the industrial strategic logic and dynamic of their sector in the way KWM does.’

‘The team led by Gonzalo Olivera demonstrates its knowledge of the regulatory framework and the market on a recurring basis. Their availability and updating of knowledge allows us to have a legal opinion on regulatory changes.’

‘Special attention to Gonzalo Olivera and Alberto Artes for their knowledge of the energy sector and corporate operations. Their availability and excellence in the legal technique for the negotiation and closing of contracts.’

Key clients


EDP Group

EKZ Renewables




European Investment Bank

First Sentier Investors

Capital Dynamics


Chint Group


Metka EGN

Alleans Renewables


Work highlights

  • Advised EDP on a transaction agreed with Macquarie which included the acquisition of Viesgo Distribution, Viesgo Renewables, and Viesgo Coal and the transfer of 24.9% of EDP’s distribution business.
  • Advised Galp on the cross-border acquisition of the solar photovoltaic business of ACS Group in Spain.
  • Advice to Mapfre on its strategic alliance with Iberdrola for the incorporation of a joint venture aimed at investment in renewable energy projects.

Baker McKenzie

Antonio Morales, whose ‘knowledge of the sector and its protagonists is unique‘, leads Baker McKenzie’s energy and natural resources department, which handles a wide range of transactions across all areas of the energy sector. The Spanish team is backed by the firm's global network of offices and has a good track record acting for leading companies across sectors such as renewable energy, gas, water and waste, mining and metals.

Practice head(s):

Antonio Morales


‘Backed by extensive international experience. Strong network of offices around the world that facilitates the centralisation of affairs in several countries. Leaders in international coordination.’

‘Totally oriented towards the interests and objectives of the client.’

‘Baker is one of the best firms I have worked with in the energy field. Antonio Morales is the lawyer of reference for most of the large clients in the Spanish energy sector, so his knowledge of the sector and its protagonists is unique, as well as of the changing regulation.’

‘Antonio Morales’ status as a State Attorney makes his knowledge of the sector and the main agents unique. His technical preparation is very outstanding.’

Key clients

Naturgy SA

Capital Dynamics

Iberdrola SA

Ellomay Capital Ltd.

Work highlights

  • Advised Iberdrola on the acquisition of French energy group Aalto power for €100m.
  • Advising Naturgy on its investment in a Spanish company that owns a portfolio of wind energy projects.
  • Advising Ellomay Capital on the sale and transfer of 49% of its shares in Talasol Solar.

Deloitte Legal

The energy practice at Deloitte Legal, which is distinguished by ‘the high level of its professionals’, has maintained its steady growth over recent years, becoming a recognised name in the field. Well versed in transactional work, the department is headed by María Guinot, who some believe could soon become ‘the best of her generation’, and also covers regulatory and litigation mandates. José María Barrios and Ignacio Echenagusia are other key members of the team.

Practice head(s):

María Guinot

Other key lawyers:

José María Barrios; Ignacio Echenagusia; Jose María Elías de Tejada


‘Maria Guinot is an outstanding partner, rolling up her sleeves and getting into the mud to resolve issues.’

‘The team is headed by María Guinot, a very bright, experienced lawyer, with a strong knowledge of the business and with great intuition to act in the best interest of the client. In short, she will be possibly the best of her generation.’

‘They have a vocation to learn, and to always achieve the best result, proactively, for the client’s business. They know all the regulatory news, as well as trends or future regulatory changes that may have an impact on the business.’

‘I would highlight Jose María Elías de Tejada for his extensive knowledge and project management capacity.’

‘This team is characterised by the high level of its professionals, the search for solutions to problems, highlighting their contributions, often novel, on the procedural strategy in litigation related to renewable projects. Dedication and considerable effort in each of the orders they receive.’

‘I highlight Jose María Barrios, for his professionalism and high knowledge of the renewable energy sector.’

‘Deloitte Legal present a combination of extensive professional experience, mainly in the most senior lawyers, with a strong pro-active attitude present in both seniors (many of them transferred from “traditional” firms and wanting to consolidate as an alternative in the legal market) as in the most junior.’

‘Jose Maria Barrios is worth highlighting for his unquestionable professional quality. Jose Maria Barrios offers the guarantee of a vast knowledge of the energy sector and a long experience in international law firms, which has allowed him to participate in relevant operations with the main market players. This allows him to have a very broad vision of the sector, from which to project his great capacity to find innovative solutions to complex problems.’

Key clients











Work highlights

  • Advised Kobus Partners regarding the refinancing of all the debt related to its asset portfolio, amounting to a total of €207m.
  • Advised Navitas on the sale process of six greenfield solar PV projects.
  • Advising Solaer Group regarding the financing by Banco Cooperativo Español of two photovoltaic installations in Spain.


Corporate and M&A partner Pablo Enrile and senior associate Lucía González Fernández jointly head the projects and energy department at ONTIER, which is especially dedicated to the sale and acquisition of energy projects. A trusted advisor for several renowned Spanish banks, the firm has a solid track record in energy deals in Spain, Italy and Latin America.


‘The senior members of the team have great experience and knowledge, having participated in numerous previous transactions, which facilitates the proposal of alternative solutions to problems in contract negotiation, especially.’

‘Pablo Enrile is one of the most experienced lawyers in the renewables sector, with great experience and, above all, great sector knowledge to be able to transfer the special characteristics of the projects acquired to the contract of sale.’

‘Pablo Enrile leads a powerful team.’

Key clients

A&G Renewables Iberian Solar I,

Iberia Solar, S.L.

Banco de Sabadell, S.A.

Imasa, Ingeniería Y Proyectos, S.A.

Abei Energy & Infraestructure, S.L.

Eland Private Equity


Ric Sun, S.L.

Tayan Energy

Work highlights

  • Advising Iberia Solar on the sale of a portfolio of four solar photovoltaic projects throughout Spain to Lightsource BP.
  • Advising Banco de Sabadell on the project finance for the financing of a wind farm with an installed capacity of 45MW located in Huelva.
  • Advising RIC regarding the sale of a portfolio of several solar photovoltaic projects throughout Spain to Hanwha QCells.

PwC Tax & Legal Services

Renowned for its notable regulatory practice, PwC Tax & Legal Services is also active in energy disputes (including before the superior courts), with experience in relevant disputes in the energy and water sectors. Director Reyes Gómez Román is a key member of the team. Since research concluded, former practice head Fernando Calancha Marzana left the firm, in February 2022.


‘Total commitment to the success of the client, great availability and deep knowledge in the areas of administrative law and, specifically, energy. They know very well the labyrinths of administrative action and advise not only legally but also on project strategy.’

‘Reyes Gómez Román has an agility and immediate response capacity whenever assistance is requested, as well as a deep knowledge of regulatory matters in the field of energy.’

‘Closeness, in addition to transmitting tranquility by proposing solutions in complex issues or crisis situations. We highlight Carlos Saavedra (Canary Islands).’

‘The PwC team has shown a high level of involvement and knowledge of our sector of activity (the generation of electricity from renewable sources). We liked its approach to understanding the two parties that were in the negotiation, and it has contributed to closing the final agreement.’

‘The dedication of the PwC team is total, and they always try to meet the delivery deadlines.’

Key clients











Work highlights

  • Advising Asociación Empresarial Eólica on claims submitted to the Council of State during the processing of the draft regulation on the methodology and conditions of access and connection to the grid of facilities, drafted by Spanish CNMC.
  • Assisting Gestamp Automoción/DAMM with an intensive electricity consumption on the RFP process and drafting of a long-term renewable power supply contract.
  • Advised Iberdrola on analysing the processing of applications for the construction and commissioning of renewable plants, both in terms of the process itself and the timing of such process at a state and regional level.

Ramón y Cajal Abogados

Applauded for its ‘extensive knowledge of the sector’, the energy practice at Ramón y Cajal Abogados also stands out for its level of ‘personal attention and quality of the work’. Known for its expertise in regulatory matters and M&A, as well as project finance, the department is fronted by finance expert Javier Menchén; Antonio de Mariano, who has an ‘encyclopaedic knowledge of the law’; and skilled litigator Pablo Silván.

Other key lawyers:

Javier Beltrán


‘They have a very extensive knowledge of the sector, multidisciplinary in nature and have direct personalized attention. Ramón y Cajal clearly differs from others due to the personal treatment, the quality of their work, the immediacy of the service and the very competitive prices they offer.’

‘Antonio de Mariano has an almost encyclopaedic knowledge of law, not only related to energy, but practically any area that affects energy (commercial, civil, regulatory, real estate, etc.), as well as the energy sector, no only at a legal level, but also commercially.’

‘Ramón y Cajal’s project and energy team is excellent. Their availability, speed of response and quality of their documents are very good.’

‘Antonio de Mariano leading the team and Javier Beltrán as a prominent member provide excellent service, quickly and reliably attending to any need we have. They also provide a commercial sensitivity that we highly value, being very focused on anticipating our needs and providing us with high added value.’

‘Knowledge of the electrical energy production sector in Spain. Intervention in M&A operations.’

‘Knowledge of the subject. Tough negotiators.’

Key clients

Arena Green Power


Hanwha Q Cells GmbH

Kobus Partners


Aldro Generación

Ric Sun Group

Solaer Holding

EDP Renovables España

Naturgy Renovables


Asturmadi Reneergy

Arcelormittal España


Redexis Gas

Etex Group

Suez Spain


Work highlights

  • Advised Arena Green Power on the sale of 519MW photovoltaic projects to Enel Green Power.
  • Advising on the restructuring of the trade debt entered into by Abengoa Group.
  • Advised Invenergy and BW Energy (as sponsors) in connection with the $128.3m financing for the acquisition, conversion, commissioning and operation of a Floating Storage Regasification Unit in El Salvador.

Squire Patton Boggs

Squire Patton Boggs has a strong energy practice in Spain, recognised for its high level of expertise in project finance, with particular strength in renewable projects. The practice is led by finance expert Manuel Mingot and is frequently called upon by a wide range of lenders, sponsors and borrowers. Since research concluded, the firm hired public law and regulation expert Antonio Luis Bañón from Deloitte Legal, in March 2022.

Practice head(s):

Manuel Mingot 

Other key lawyers:

Alberto Paris;


‘High availability. Client-focus by understanding well what the client is looking for. Strong reactivity, best law firm in the energy and financing sector that has advised us as of today — Especially Manuel Mingot, Alberto Paris.’

Key clients

Eiffel Investment Group SAS

EDF Trading Ltd

Solaria Energía y Medioambiente, S.A.

Capital Energy

Acofi Gestion SA

Welink Energy Ltd.

Langa International SA

Acciona Energia, S.A.

Villar Mir

Esparity Solar

Araoz & Rueda

Praised for its ‘absolute knowledge of the sector and its players’, Araoz & Rueda has particular expertise in the promotion, construction, financing, start-up and operation of renewable energy projects, mainly photovoltaic plants. The team is co-headed by the ‘outstandingLaura Vintanel, and Francisco Solchaga, who according to a client ‘is a perfect expert in the energy regulatory framework’ and experienced in the development of renewable energy projects.

Other key lawyers:

Alejandro Araoz


‘Extensive knowledge of local legislation and great experience in the operations that we currently carry out in Spain. This facilitates transactions by knowing what the market standard is and the best way to proceed in practice.’

‘I’d highlight its extensive experience and knowledge of renewable operations.’

‘Experience in the sector. Its flexibility in dealing with the client is also a strong point. Special mention to Francisco Solchaga.’

‘The Araoz & Rueda team is united, with a high degree of understanding and, as a strong point, the absolute knowledge of the sector and its players.’

‘Laura Vintanel, outstanding for knowledge of the energy sector, involvement, service and knowledge of competition lawyers. Francisco Solchaga, outstanding for knowledge, service and experience with competition lawyers.’

‘Francisco Solchaga is a perfect expert in the energy regulatory framework and has extensive experience in dealing with all issues related to the development of renewable energy projects.’

‘Lots of experience in the sector combined with an exceptional personal treatment.’

‘Alejandro Araoz, Francisco Solchaga and Laura Vintanel are the people with whom we have dealt the most. Each has proven to be a 10 in their area and together they are the best team I have ever met.’

Key clients

Taaleri Energía

ENI Gas e Luce


Everwood Capital

Rios Renovables


Alantra Solar


Circle Energy

Nace Energía

Work highlights

  • Advised ENI on its €240m acquisition of Spanish electricity and gas trading company Aldro Energía.
  • Assisted Visalia Energía with the acquisition of energy trading company Watium.
  • Advised EverwoodCapital on the sale of a 50MWp PV project already in operation in the Zaragoza region to Italian listed company Falck Renewables.


Dentons‘ three-strong Spanish practice advises on a wide range of cross-border transactions and renewable energy projects, and earns plaudits for its ‘deep knowledge of the energy sector’, as well as for its ‘extensive experience and market know-how’. The department has seen some changes, with the arrival in April 2021 of Fermín Garbayo, who boosted the team’s capabilities in the financing of renewable projects, but the departure of former department head Javier Lasa.

Practice head(s):

Fermín Garbayo

Other key lawyers:

Iñigo Olarte Garay


‘Firm with highly qualified professionals and deep knowledge of the energy sector, with extensive experience and market know-how that undoubtedly contributes to perceive and understand the transmitted needs’.

‘Making it available to professionals from other countries without prejudice to time differences. Special mention to Fermin Garbayo, partner of the energy area of the Spain Office, for his extensive experience and knowledge and the great capacity to react to any query and request for means, always making other fellow partners and associates available to the company. in order to solve and attend to the needs while giving a personalised service.’

‘Strong commercial understanding of the rules and regulations of the solar development market, particularly in regard to the interpretation and execution of Royal Decree 1183/2020.’

‘Iñigo Olarte Garay stands out. He is a creative, responsive and diligent senior associate who has helped structure unique co-development agreements, creating value for our firm.’

Key clients


Novaluz Energía


Shanghai Electric Power

Kaiserwetter Energy Asset Management

Sev.en Energy

Ente Vasco de la Energía – EVE

Suncor Energy inc.

Work highlights

  • Advised Statkraft on the acquisition of a large solar PV plant portfolio held by global developer Solarcentury in several jurisdictions, including Spain.
  • Advisings Novaluz Energía on an ongoing basis on matters related to power supply agreements.
  • Assisting Nextracker Spain on a day-to-day basis with all the legal corporate, regulatory and labour matters.

EY Abogados

Praised for its ‘deep knowledge of the sector, excellent procedural practice and practical approach’, EY Abogados is highly focused on regulatory work, but also participates in acquisitions of energy projects and assets, where it works in collaboration with the firm’s M&A department. Senior associate Laura de Pedro is a name to note. Former practice head Félix Plasencia Sanchez left the firm in November 2021.

Other key lawyers:

Laura de Pedro


‘Deep regulatory knowledge, combined with a practical approach to civil or commercial issues, with very good capacities to handle lawsuits, availability of solid equipment.’

‘The deep knowledge of the sector, excellent procedural practice and practical approach to the issues.’

‘Training and knowledge of the subject. How they turn to the issues.’

‘I’d highlight the dedication to the client. The expertise.’

‘Its support is essential for us in order to correctly understand how the new regulation affects us or how the company has to face the situations that occur within this framework.’

‘Great technical and professional capacity, and deep management of procedural skills.’

Key clients
















Work highlights

  • Advised Petronor on the promotion of the Basque Hydrogen Corridor, which was created by Petronor and Repsol.
  • Advised Fundación Acciona on the legal and regulatory analysis of the issues that may arise as a result of the implementation of the project called “Self-consumption and reduction of energy poverty in San Pedro del Puerto”.
  • Advised EOLIA on regulatory matters which could have an impact on its operational portfolio (wind farms, photovoltaic and others) and its acquisitions of projects and operational assets.

GTA Villamagna Abogados

Praised for their ‘approachability and easygoing nature’, partners Ernesto García-Trevijano and Jesús Estrada steer GTA Villamagna Abogados' energy practice, which is well known for its track record handling the construction and operation of power plants. Also of note is the department's expertise in regulation in the renewable energy market. Senior associates Javier García and María Ariza are other key members of the team.

Practice head(s):

Ernesto García-Trevijano


‘The professionalism coupled with their approachability and easy going nature, make both Ernesto García-Trevijano and Jesús Estrada give magnificent support to internal legal departments.’

Key clients











Work highlights

  • Advising Xallas on the daily operations of its eight hydroelectric energy production facilities and the management of the five dams that it manages under concession from the Galician Public Water Authority.
  • Advising UTE Operadora Termosolar Villena and UTE Guzmán in relation to certain components of the technology installed in the solar plant.
  • Advising Orovalle Minerals regarding the daily operations of the EL VALLE-BOINÁS/CARLÉS Mine, located in Asturias.

Hogan Lovells International LLP

Hogan Lovells International LLP‘s practice is well versed in the regulatory aspects of energy and natural resources, and regularly acts for a roster of players from the renewables, oil and gas, and mining industries. The team, which is backed by the firm’s immense network of offices, includes standout counsel David Antón. Since research concluded, the department was further strengthened by the arrival of Fernando Calancha Marzana from PwC Tax & Legal Services in February 2022.

Other key lawyers:

David Antón


‘The team has a very deep knowledge of the sector and they share it in a very didactic way with the in-house lawyers with whom they collaborate.’

‘A very deep knowledge of the energy market is necessary both in the regulation part and in the technical part. Hogan Lovells has it. Not only does it have this knowledge, but it also studies in detail the technical characteristics as well as the legal framework of the client’s installation. They convey transparency, knowledge and honesty.’

‘The team is made up of honest people who do not try to lead clients to embark on resources and claims that are difficult to carry out. Has a clear focus on the client without trying to seek business where it is doubtful there is. The profile of the people is very high.’

‘They make a very detailed and conscientious analysis of the questions that are put to them, analyzing the scenario as a whole and applying their knowledge and experience with a very practical and clear approach. This is of great help to in-house attorneys to be able to advise their managers and make the best decisions. It seems to me that it is an outstanding team.’

‘In my opinion, David Antón stand out.’

‘Technically, good and above all practical. They know very well the practice of companies and their needs are quickly captured. Other firms also have this quality, but the difference is their degree of involvement looking for practical solutions for the client.’

Key clients

Banco de Sabadell

Work highlights

  • Provided regulatory advice to Banco de Sabadell regarding project financing to be granted to project companies developing photovoltaic projects acquired by Aquila Capital.
  • Advised PFP II (CUBE) on its agreement with Levitec Sistemas to join forces to build a photovoltaic park in Calatorao (Zaragoza).

Osborne Clarke

Osborne Clarke's Spanish office houses a ‘team of highly competent professionals specialised in the field of renewable energy’. Headed by Luis Castro, the department is recognised for its expertise in regulatory mandates, in advising on the development, construction and operation of energy projects, as well as in transactions (M&A and project and portfolio financings). Eduard Arruga and senior associate Blanca Montero are other names to note.

Practice head(s):

Luis Castro

Other key lawyers:

Blanca Montero; Eduard Arruga


‘They are my preferred attorneys. I value their speed, overall vision, experience and knowledge of our business reality.’

‘Ana Isabel Lozano: My point of reference. The best professional I have ever worked with. Raquel Blanco. Fernando Carretero: Great experience and practical vision. Luis Castro: Great professionalism, empathy and experience.’

‘Osborne Clarke puts at our disposal a team of highly competent and specialised professionals in the field of renewable energy in the Spanish sector and with a way of dealing with matters very much in line with the team spirit for the company. They are deeply involved not only in solving the issues that are presented to them, but also in keeping up to date with trends in the sector and taking care that the client is well informed to enrich decision-making. A very complete team.’

‘Both the partner Luis Castro and his team are involved and care that the client has the relevant information in a strategic and proactive way. They provide an excellent legal service and the treatment is magnificent, both from partners and members of their staff. They tend to keep their delivery times and have very good availability for any questions.’

Key clients

Hive Energy, Ltd.

Foresight Group

Univergy International, S.L.

RWE Renewables Iberia S.L.U.

Soto Solar Spain, S.L.

Preneal Group.

Quintas Energy

Banco Sabadell


Compañía Energética Aragonesa de Renovables, S.L.


Nara Solar

Work highlights

  • Advised Foresight Group on the acquisition of 100% of the shares of Spanish company Global Solar Energy Veintisiete from Solarig Group.
  • Advised Hive Energy on the sale of 100% of the share capital of the Spanish company Sabinar Hive to NOY Infrastructure & Energy Investment Fund.
  • Advised Univergy regarding a JV platform for the acquisition, construction and exploitation of renewable projects in Japan, with Macquarie.

Pinsent Masons LLP

Pinsent Masons LLP´s Spanish practice is valued for its ‘in-depth knowledge of the sector’, for keeping ‘abreast with all recent developments’, and for working ‘around the clock to satisfy the client’s needs’. Pablo Dorronsoro heads the department, which is active in project development and contentious and regulatory matters. Senior associate Marta Salazar and associate Javier Alagón offer key support.

Practice head(s):

Pablo Dorronsoro


‘The team has in-depth knowledge of the sector and keep abreast with all recent developments. The team truly works around the clock to satisfy the client’s needs. In negotiations all team members are level-headed and provide sound commercial advice with deference to the client.’

‘Special mention to Pablo Dorronsoro, Marta Salazar and Olimpia Ortega for going the extra mile to assist us in the acquisition of projects in Spain under particularly difficult negotiating circumstances. The advice received was clear and concise and they are always available to provide further assistance and clarifications when needed. We would highly recommend the PM Spanish team for energy projects.’

Key clients

WElink Energy Ireland Ltd.

Ellomay Solar, S.L.U.

Talasol Solar, S.L.

Forestalia Renovables, S.L.

ABO Wind España, S.A.U.

Elawan Energy, S.L.

Técnica y Naturaleza, S.A.

Ercam Generación, S.L.

Inversiones Empresariales Vapat, S.L.

Work highlights

  • Advised WELink Investments on the development, acquisition and subsequent sale of three PV projects in RTB status, located in Cádiz, Spain.
  • Advised Ellomay Capital on the development of a 28MW project in Cáceres.
  • Advised Talasol Solar in the framework of the construction of a 300MW solar plant located in Spain and its evacuation line (24km).

Simmons & Simmons

Juan Martinez Calvo, who garners praise for his ‘flexibility, anticipation of problems and overall strategic vision’, heads the energy team at Simmons & Simmons‘ Madrid office, which covers a wide range of energy transactions, project finance, PPP projects and related litigation. Former associate Guillermo Pérez left the firm in November 2021.

Practice head(s):

Juan Martinez Calvo


‘Juan Martinez leads the energy practice. we have developed a great project together, with good results. Great technical and energy knowledge.’

‘It is a very complete team in which the lawyers are able to understand the technical problems, the complex relationships between the different actors of the projects and, above all, give a strategic approach that supports and strengthens the project management.’

‘Our reference partner at Simmons is Juan Martínez Calvo, of whom I would highlight his flexibility, anticipation of problems and general strategic vision of the project. It always provides integrating visions and at the same time capable of solving the problems we face. I certainly recommend him as one of the leading partners of his practice in Spain.’

Key clients











Work highlights

  • Advised Axpo on the PPA negotiation as off-takers in a 150MW photovoltaic project developed by Solaria.
  • Provided advice to Ignis Energía on on-site PPA framework agreements.
  • Advised Enerparc on the M&A process regarding eight plants in Spain with a total of 50MW.