PPA, Mezzanine and Senior Debt of 74 MW Greenfield on-shore Wind Portfolio

PPA and Project Finance of 306 MW Greenfield on-shore Wind Portfolio

Agere was appointed as exclusive financial advisor to Forestalia Renovables SA (“Forestalia”) for the project financing of a greenfield wind portfolio in Spain. The aggregate equity disbursement for the portfolio lays over 140M€, while the subsequent project finance debt exceeds 170M€



  • Forestalia was awarded in 2016 auction for 306 MW of wind assets in Spain with zero subsidy, which meant the project was fully exposed to merchant power prices.
  • After the crisis 2007-14, banks in Spain were scarce and reluctant to finance merchant projects.



  • The project required an appropriate long-term PPA off-taker partner and a project finance with a high leverage for the project construction.
  • Forestalia approached the financing of the portfolio in two phases, adapted to the development stage of each project.
  • A single financial close took place in April 2018, Phase 1 was disbursed immediately and, Phase 2 had several CP and a long stop date.



  • The transaction highlights Agere’s capability to structure the first complex transaction involving PPA and non-recourse project finance debt in Spain ever.
  • PPA was a tailor-made floor instrument with a fix premium.
  • Agere has a deep knowledge of the renewable energy market lenders including EIB.
  • The transaction involved 3-parties complex negotiation: four banks, PPA off-taker and four equity partners (Forestalia, Engie, GE and Mirova)
  • Agere helped to structure a multi-constructing instead of a traditional and more expensive EPC agreement.



  • Definition of the financing strategy, reaching consensus with Forestalia and, the continuous review of the PPA structuring strategy.
  • Conducted a highly competitive bidding process with different PPA off-takers and over 14 banks invited.
  • Reviewed extensive project materials and permits, and coordination with legal, technical and market lenders’ advisors.
  • Prepared in short order different teasers, process letters and NDAs for distribution to lenders and PPA off-takers.
  • Prepared and presented Alfanar to the wider lenders community a proposed valuation, scenario analysis, funding schedule, transaction structure and process.
  • Assisted in the drafting, negotiation and finalization of final term sheets, PPA agreements and financial agreements.


Type: PPA and DebtAdvisory

Transaction Value: €170m+

Sector: Wind

Location:  Spain

Deal Close:   April 2018



PPA off-taker:



About us

About us

Agere, has been founded by a group of highly qualified and experienced Corporate and Investment Banking professionals, with over 50 years of combined successful dedication. We offers a range of financial advisory and consultancy services across equity, debt and business development