Dentons > Madrid, Spain > Firm Profile

Paseo de la Castellana, 53 8ª
28046 Madrid

Spain > Banking and finance Tier 3

Covering project finance, commercial lending, structured finance and financial regulatory matters, Dentons is sought out by commercial and investment banks, multinationals, non-traditional lenders and other international financial institutions for its expertise in complex, multijurisdictional financing transactions. Jabier Badiola, the managing partner of the firm in Spain, handles a host of banking and finance matters, from project finance to debt restructuring. Fernando Gutiérrez, a versatile partner with in-depth knowledge of banking and finance law, has been particularly active in refinancings and the financing of projects in the renewables and healthcare segments. ‘With great ability to solve problems and search for alternatives‘, recently promoted partner Luis Belart specialises in cross-border financing deals, while Jesús Mardomingo is singled out for his fintech expertise.

Practice head(s):

Jabier Badiola

Other key lawyers:


‘Ease of treatment, closeness, and openness to assisting us with whatever we need.’

‘I would highlight the level of service, with very fluid communication and a very effective response time, the personal involvement of the most senior lawyers, providing support whenever necessary.’

‘After working with other firms, the added value that Dentons provides is based on the proximity and involvement of the partner in each of the transactions. Luis Belart has shown total dedication and cooperation. He is a very constant, experienced person, with great dedication, good technical knowledge and with great ability to solve problems and search for alternatives.’

‘They are fast and provide very personal service. Luis Belart, as a new partner, is very aware of the results of his services and is always willing to serve his clients. ’

‘Availability, agility in responses and adaptation to the client’s circumstances. Expresses warning of risks not foreseen by in-house lawyers under foreign legislation. Quick understanding of the structures of the transactions subject to advice.’

‘I highlight Jabier Badiola, a great professional available at all times, who gets deeply involved in matters without fear of having to be the direct drafter of the agreements and is on the front line of the negotiations.’

‘The lawyers of the team led by Luis Belart stand out for their experience and depth of knowledge. Their accumulated experience allows them to address cases and legal matters effectively and with a strategic approach. Dentons is known for its global presence and ability to provide legal advice in multiple jurisdictions. This is especially valuable for clients with international operations, as they can get coordinated and consistent advice around the world.’

‘Dentons attorneys, including Luis Belart, stand out due to their experience, global approach, ability to adapt, focus on technology and innovation, client service and culture of collaboration. These qualities significantly differentiate them from their competitors and allow them to offer high-level legal services in a variety of jurisdictions and practice areas. ’

Key clients

Ministry of Economy and Finance of the Republic of Ecuador

Komerční banka, a.s. and Česká spořitelna, a.s.

HSBC France Factoring

UST Global

Scotiabank (The Bank of Nova Scotia)


UBS AG London Branch

Instituto de Crédito Oficial, E.P.E. (“ICO”)

Bank Polska Kasa Opieki S.A.

Singh Capital Partners

HSBC Bank UK plc

Syndicate of banks (Banco Santander, S.A, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Caixabank, Banco de Sabadell and Alantra)



Work highlights

  • Advised the Ministry of Economy and Finance of the Republic of Ecuador on the re-profiling of the sovereign debts in an outstanding principal amount of approximately $1.397bn with China Development Bank, and $1.831bn with The Export-Import Bank of China.
  • Advised Komerční banka, a.s. and Česká spořitelna, a.s. on the refinancing of the Eurowag Group.
  • Advised HSBC France on the €450m pan-European receivables purchase program entered into with Total Energies.

Spain > Capital markets: Debt Tier 3

Lauded for its ‘extensive experience in acting for corporate issuers in both MTN and MARF programmes’, Dentons is also skilled at assisting financial institutions and investment banks in domestic and cross-border debt offerings. Spearheaded by capital markets specialist Ignacio Corujo, the team is well equipped to handle a variety of DCM matters, including but not limited to convertible bonds, commercial paper programmes and project bonds. Luis Belart, a key contact for international financing deals, is often retained by issuers and underwriters in DCM mandates.

Practice head(s):

Ignacio Corujo

Other key lawyers:

Luis Belart; Ignacio Fernández


‘I would highlight the level of service, very fluid communication, effective response time, and the personal involvement of the most senior lawyers, providing support whenever necessary. In addition, the solutions to problems are usually appropriate and provided in a timely manner.’

‘After working with other firms, the added value that Dentons provides is based on the proximity and involvement of the partner in each of the transactions.’

‘Extensive experience in acting for corporate issuers in both MTN and MARF programmes.’

‘I would highlight Ignacio Corujo for his experience and professionalism.’

Key clients

Cajamar Cajar Rural, Sociedad Cooperativa de Crédito

Ministry of Economy and Finance of the Republic of Ecuador

Banca March, S.A.

Sacyr S.A.



ING Bank


Quid Pro Quo Alquiler Seguro Socimi, S.A. (QPQ)

ING Belgium SA/NV


Work highlights

  • Advised the Ministry of Economy and Finance of the Republic of Ecuador in the largest debt-for-nature swap transaction to date.
  • Advised Cajamar on the issuance of €750m covered public bonds listed on the Spanish Regulated Market (AIAF Mercado de Renta Fija).
  • Advised Banca March S.A., in its capacity as Sole Lead Arranger, on the renewal of the €550m Commercial Paper Programme of Sacyr S.A. registered with the Spanish Alternative Fixed Income Market (MARF).

Spain > Projects and energy Tier 3

With a keen focus on renewable energy, Dentons is called upon by a variety of clients for its deep expertise in project finance and development, regulatory issues and cross-border transactions. Fermín Garbayo is sought after for his experience advising national and international funds on the acquisition and financing of energy and infrastructure projects. Luis Gil stands out for his energy  regulatory expertise, while Almudena Gurpegui is active in an array of transactional mandates in the renewable segment, including M&A, PE deals and corporate restructurings.

Practice head(s):

Fermín Garbayo

Other key lawyers:


‘Much better team coordination than their peers. Also outstandiing quality in documentation.’

‘Fermin Garbayo brings together experience, clear-cut advice and strong process-management capabilities.’

‘One of the most reliable choices in Spain when we confront tough counterparts under significant time pressure.’

‘They compare much better than other competitors, due to their technical knowledge of the energy sector. They are able to adapt contracts to real risks and sector standards.’

Key clients

Nextracker Inc. (a subsidiary of Flextronics International Ltd)



Corning Inc.

Largo Clean Energy Corp.

Work highlights

  • Advising Nextracker Spain, a subsidiary of Nextracker Inc., on corporate, regulatory and labor law matters.
  • Advised EDP España, a Spanish subsidiary of the EDP group, on the purchase of a project with a total estimated installed capacity of more than 164 MWp.
  • Advised ARCADIS energy on regulatory and environmental law advice related to energy self-consumption law.

Spain > Real estate and construction Tier 3

Clients recurrently turn to the real estate team at Dentons for its ‘deep knowledge of the industry’ an extensive experience in investments, financing, M&A, joint ventures, contractual and development matters in this space. Backed by two decades years of industry knowledge, Roberto Tojo assists investors, developers and funds with a range of matters, including sales, infrastructure financing, leaseback transactions and construction contracts. Itxaso López advises national and international investors on real estate acquisitions, disposals and financings, particularly those related to renewable energy projects and data centres.

Practice head(s):

Roberto Tojo

Other key lawyers:

Itxaso López; Francisco Jiménez; Manuel De Cueto


‘This is one of the most professional real estate law teams in the sector. Their work capacity and the quality of their documents is at the level of the best firms in this practice.’

‘The team’s great ability to provide solutions to complex problems, and its very commercial vision of operations beyond simple legal advice sets it apart.’

‘Both Manuel De Cueto and Itxaso López are a very good team and provide a service with great professionalism and closeness.’

‘Good team with deep knowledge of the industry.’

‘Itxaso López and Manuel De Cueto have done a great job by always being attentive and available to our needs and providing timely follow-up on all parallel issues.’

‘High knowledge of real estate, excellent negotiation skills, confidence and tranquility when representing the client. They are fast, precise and accurate when it comes to responding.’

‘Complete involvement and adaptation to changes and circumstances. Itxaso López stands out for his competence and professionalism.’

‘Our advisers at Dentons are always available and provide a very personalised service that meets our needs and the needs of our client. They take initiative when appropriate, yet seek client input on sensitive matters when necessary.’

Key clients




RoundShield Partners LLP

Scannell Properties


Remake Live

Work highlights

  • Advised AXA IM Alts on the sale of the European data centre operator Data4 to Brookfield Infrastructure.
  • Acted for Revcap, a real estate investment fund, in a €300m acquisition, from the local council, of a large plot of land, part of the UR-9 “|Polígono| |Valdecabañas|” for development purposes.
  • Advised Blackstone on the sale of shares of Tailor Propco (Spain), the company which owns an office building currently intended for courts and leased to the Community of Madrid.

Spain > Commercial, corporate and M&A Tier 4

Covering the entire scope of M&A and corporate work, Dentons is well placed to act for a diversity of clients, ranging from public listed companies, to middle-market players and private equity funds. The department operates across a wide spectrum of industries, most notably energy, life sciences and technology. Focused on the structuring of funds, M&A, buy-outs and divestments, Jesús Durán spearheads the department. With extensive experience in both domestic and cross-border transactions, Israel de Diego is active in M&A and corporate restructurings, while Nieves Briz regularly advises on corporate, commercial and contractual matters.

Practice head(s):

Jesús Durán

Other key lawyers:

Israel de Diego; Nieves Briz; Natalia Ontiveros; Vicente Paramio


‘Dentons provides comprehensive legal advice. The dedication of its teams to create their own advisory solutions makes it stand.’

‘Israel de Diego stands out for his total dedication to ensuring that a deal is closed satisfactorily. In addition to being the lawyer with the greatest technical knowledge in his practice, he stands out for his client service and dedication while the deal is being executed.’

Key clients


Affidea Group B.V

Platinum Equity Advisors

Adepa Global Services

Eicher Motors Limited

CEI (Eskool Estudio Creativo)

Ktesios Real Estate Socimi, S.A. (listed on the Spanish stock exchange – BME Growth)


Work highlights

  • Advised Sareb on the competitive auction process for the appointment of one or more service providers to manage, market and maintain its €30bn portfolio of more than 100,000 financial and real estate assets.
  • Assisted private investment firm B-Flexion and Affidea Group in the sale of the group to Belgian investment firm Groupe Bruxelles Lambert (GBL).
  • Advised Platinum Equity Advisors 0n its acquisition of Calderys, a company that is part of Imerys SA’s High Temperature Solutions (HTS) business.

Spain > Private equity Tier 4

Combining extensive expertise in fund formation with strong transactional capabilities, Dentons is well placed to advise on the structuring of acquisitions, secondary deals and exits, with a particular focus on the infrastructure, energy and real estate sectors. Jesús Durán, a prolific adviser who regularly handles fund structuring issues and PE transactions in the financial services, energy, retail, real estate and communications segments, heads up the practice alongside Fernando Gutiérrez, a specialist in fund formation.

Practice head(s):

Jesús Durán; Fernando Gutiérrez

Other key lawyers:

Jorge Carmona


‘Closeness and availability of the responsible partner to deal with any issue in a timely manner.’

Key clients

Affidea Group B.V.

BeAble Capital SGEIC

Adepa Global Services


Zubi Capital, S.A., Unipersonal

Work highlights

  • Advised B-Flexion and Affidea Group on the sale of the group to Belgian investment firm Groupe Bruxelles Lambert (GBL).
  • Advised Platinum Equity Advisors LLC on the acquisition of Calderys, a company that is part of Imerys SA’s High Temperature Solutions (HTS) business.
  • Advised BeAble Capital on the fundraising of the second or successor fund of BeAble Innvierte KETs Fund FCR.

Spain > Tax Tier 5

The 'strong, solid' tax department at Dentons is complimented by clients for its ‘technical quality‘ and 'close treatment' of clients. Singled out for its strong credentials in transactional tax, the team is often instructed to advise on the structuring of M&A, real estate and financing deals. A key port of call for insurance companies, the group is retained by an array of corporate clients and high-net-worth individuals. Practice head María Cortizas is noted for her ‘keen knowledge of the Spanish tax legal landscape‘ and is highly experienced in the tax structuring of M&A transactions; she often provides advice on the tax aspects of capital markets deals and debt restructurings. Diego Carrera, another core member of the practice, is a name to note for tax audits and personal and corporate income tax.

Practice head(s):

María Cortizas

Other key lawyers:


‘The technical quality of the team is extraordinary, as is their empathy, close treatment with clients and total availability.’

‘They understand our approach, which means they can anticipate when to seek the greatest tax efficiency consistent with the lowest possible risk.’

‘They are tremendously practical and save time that I don’t have when analysing alternatives and approaches. For me they are the ideal companions in a business.’

‘Dentons lawyers are very hard-working and sophisticated in the way they work. I would like to highlight María Cortizas.’

‘Maria Cortizas has keen knowledge of the Spanish tax legal landscape, applied in terms that are practical for business and accessible to outsiders.’

‘The Dentons team is a strong, solid group that complements each other very well, so they have a unified approach that gives clients confidence.’

Key clients


Lighthouse Netherlands B.V.

Grupo Probelte

Adepa Global Services

Work highlights

  • Assisted Ambridge regarding W&I insurance for both investors in respect of a newly created 50:50 joint venture between Orange and MasMóvil in Spain.
  • Assisted Lighthouse Netherlands with the tax aspects of the share deal acquisition of a Spanish company which was the owner of one of a shopping centre in Andalucía.
  • Assisted Agronova Biotech, S.L with the acquisition of a 70% stake in two Spanish companies, Proineco Export S.L and Prointegrada Culivos Asesores, S.L, and the Mexican entity of Proineco Mexico, S.A.

Spain > Restructuring and insolvency

Dentons‘ newly launched restructuring, insolvency and bankruptcy practice is led by Santiago Hurtado, who joined the firm from Simmons & Simmons in February 2023. Mercedes has extensive experience in litigation and corporate matters related to shareholder conflicts, as well as distressed and special situations.