Project Finance

The Project Finance Practice at Ramón y Cajal provides advice on non-recourse or limited recourse finance operations in almost all sectors, from infrastructure to real estate. Particularly notable is the business conducted in the field of energy, including power plants, regasification plants, wind and solar projects and renewable energy.

This practice area is not limited to projects undertaken in Spain, but rather operates throughout the rest of Europe and also Latin America. The team of lawyers from the Project Finance Practice has extensive experience and a long track record in providing such counsel; providing its services to financial institutions, developers and investment funds. The overlapping of this practice area with other disciplines and branches of law means that these professionals must collaborate regularly with other practice areas at Ramón y Cajal —such as Public and Administrative Law, Real Estate and Planning— leading to the creation of multidisciplinary teams which seek to offer our clients the utmost rigour and highest technical quality, as well as addressing the different requirements that may arise when providing counsel in these types of financing projects.

The client of this practice area is as varied as the projects themselves, and includes developers, financiers, credit risk insurers (monoline insurers) and rating agencies.

Our project finance counsel notably includes the following services:

  • Bidding in administrative infrastructure concessions.
  • Design of the project structure, including contractual, fiscal, environmental and regulatory analysis, etc.
  • Drafting and negotiation of the project contracts (and also of contracts for the construction, supply and resale of the product produced).
  • Performing preliminary due diligence by analysing the corporate, contractual, environmental, regulatory and fiscal aspects of the project in coordination with the various practice areas that are to participate therein.
  • Drafting and negotiation of the project contracts (main credit agreement, VAT financing agreement, interest rate hedge agreement, intercreditor agreements, collateral agreements and sponsor support agreements).
  • Coordination of financial closure.
  • Assistance in the monitoring of subsequent milestones.