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

Agere was appointed as exclusive financial advisor to GREENALIA SA. (“Greenalia”) for the project financing of a greenfield wind portfolio in Spain. The aggregate equity disbursement for the portfolio lays over 38M€, while the subsequent project finance debt exceeds 84M€


  • Greenalia (ticker “GRN” BM) was awarded in May 2017 auction for 133 MW of wind assets in Spain with zero-floor subsidy, which meant the project was fully exposed to merchant power prices.


  • Greenalia approached the financing of the projects in different phases, adapted to the development stage of each project.
  • Several closings within the portfolio, the first took place in August 2019, the second will be in Dec.2020 and, the next one in April 2021.


  • The transaction highlights Agere’s capability to structure complex transactions involving PPA and non-recourse senior and mezzanine project finance debt.
  • After 6-months closing, a PPA and a fully underwriting debt solution, the lender unexpectedly changed its debt-sizing criteria. Leverage was too low for our client. Agere was uniquely able to rapidly secure, within two months, a solution with another lender, Sabadell.
  • An innovative two-tranches debt solution was designed: Tranche A a fully merchant and, Tranche B, disbursement optionally if a PPA structure were closed.
  • In addition, a sub-holdCo mezzanine is being closed by the end of 2020, while maximising the leverage for Greenalia.
  • Playing a main role in assisting our client and Sabadell in the syndication of the loan: Liberbank, Bankinter, EBN Banco de Negocios, Banco CooperativoEspañol S.A.


  • Definition of the financing strategy, reaching consensus with Greenalia and, the continuous review of the PPA structuring strategy.
  • Conducted a highly competitive bidding process with different PPA off-takers, mezzanine lenders and over 6 banks invited, including EIB.
  • Prepared and presented Greenalia to the wider lenders community a proposed valuation, scenario analysis, funding schedule, transaction structure and process.
  • Assumed primary point of contact for all interested parties, ensuring timely information flow and due diligence management.
  • Assisted in the drafting, negotiation and finalization of final term sheets, PPA agreements and financial agreements.
  • Reviewed extensive project materials and permits, and coordination with legal, technical and market lenders’ advisors.


Type: PPA and Debt Advisory

Transaction Value: €84m+

Sector: Wind

Location: Spain

Deal Close: August 2019




PPA off-taker: Pending


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