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Grupo Cobra obtains financing for 864-MW solar portfolio in Spain

Grupo Cobra subsidiary Zero-E secured €434 million in project financing for its 864-MW solar photovoltaic portfolio in Spain.

The portfolio comprises 18 plants being built in Zaragoza, Teruel and Ciudad Real. The assets are part of the 1.55-GW of solar capacity awarded to Grupo Cobra by the Spanish government in its 2017 renewable energy auction.

Grupo Cobra was advised on the deal by Clifford Chance, while the lenders Natixis, Banco Santander, BBVA and CaixaBank were advised by Watson Farley & Williams.

Grupo Cobra is a subsidiary of Spanish construction and industrial services group ACS SA.