Find Lawyers in Barcelona, Spain for Project Finance and Development Practice

Practice Area Overview

Project finance is an emerging financial strategy for high value projects in which positive cash flow generation from the project (including any revenue-producing contracts and other cash flow generated) is used by the lenders to service their loans and provide return on their equity invested in the project.

In Spain, project finance came about due to certain constraints in the public sector which hinder public entities from financing the majority of their projects (in particular, public works and public service management concession contracts involving different sectors such as telecommunications, energy, transportation, and other infrastructure industries). The need for high debt and capital together with the risks allocated in each phase of these projects is supported by lenders.

Project financing is currently the financial alternative preferred by the private sector because of its off balance sheet treatment and nonrecourse status. Project financing enables investors to use their retained earnings to finance the construction and development of projects and reduce credit risks by means of a structure which does not entail any obligation to guarantee repayment if the project’s revenues are not sufficient enough to cover this debt.

Lawyers who practice in this area play a very important role due to the number and variety of tasks that they carry out. Their advice is essential for developing a global structure which ensures reliable project revenue expectations in accordance with the financial models used.

Project finance lawyers have extensive expertise in dealing with all the parties to the transaction which include sponsors, lenders, equity investors, construction contractors, operators, insurers, technology owners, suppliers, output purchasers and governmental bodies.

Legal advice focuses on all aspects of the project, including laws and regulations, licenses, drafting, and negotiation of contracts entered into by each party (for example, construction agreements, operation and maintenance agreements, insurances agreements, facility agreements, guarantees and securities), bankruptcy, and tax matters.
Ander Valverde and Beatriz Menéndez

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