€474 million portfolio refinancing for 858 MW operating renewable assets

Financing Solar announced Spain Jan 2, 2026

EUR474M

Deal Value

858 MW

Capacity

operating

Stage

Bruc Energy and Interogo executed a €474 million non-recourse portfolio refinancing covering 858 MWp of operating renewable assets with BNP AM, Banco Santander, Banco Sabadell, Export Development Canada (EDC) and Banco Cooperativo. The financing includes an accordion feature to accommodate up to 650 MW of co-located Battery Energy Storage Systems (BESS).

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Counterparts (9)

Lender

BNP AM

company

BNP Paribas Asset Management is a global asset manager offering a wide range of investment solutions with a strong focus on sustainable and responsible investing. They actively invest in infrastructure, particularly renewable energy and energy transition assets, through both equity and debt strategies across various geographies.

Banco Sabadell

company

Banco Sabadell is a Spanish financial institution that provides banking services and financing solutions. They participate in infrastructure projects as a lender.

Banco Santander

company · 1 deals

Banco Santander is a global bank with a presence in Europe and the Americas. It provides financial services to individuals, SMEs, and corporations.

Export Development Canada

company

Export Development Canada (EDC) is a financial Crown corporation dedicated to supporting and developing Canada's export trade by helping Canadian companies respond to international business opportunities. EDC provides financing, insurance, bonding, and knowledge solutions to Canadian exporters and investors and their international buyers.

Export Development Canada (EDC)

company

Export Development Canada (EDC) is a Crown corporation wholly owned by the Government of Canada. EDC's primary purpose is to support and develop Canada's export trade by providing financial and risk management services to Canadian companies and their international customers.

Developer

Interogo

company

Interogo Holding AG focuses on long-term value creation through investments in a diverse range of asset classes, including infrastructure. The company aims to generate stable returns and contribute to sustainable development.

Bruc Energy

company

Bruc Energy is an investment group focused on the renewable energy sector. They invest in, develop, and operate renewable energy assets.

advisor

Astris Finance

company

Astris Finance is an independent financial advisory firm specializing in infrastructure and energy projects. They provide financial advisory services for project finance, M&A, and restructuring.

Banco Santander

company · 1 deals

Banco Santander is a global bank with a presence in Europe and the Americas. It provides financial services to individuals, SMEs, and corporations.

Source Intelligence

KEY DETAILS

The financing includes an accordion feature to accommodate up to 650 MW of co-located Battery Energy Storage Systems (BESS). Quote: The structure is pioneering in the Spanish market in enabling the future financing of up to 650 MW of co-located BESS under hybrid PPA frameworks.

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Deal Size

BRUC has executed a € 474 million non-recourse portfolio refinancing covering 858 MWp of operating renewable assets, arranged with BNP AM, Banco Santander, Banco Sabadell, Export Development Canada (EDC) and Banco Cooperativo; and the financial advisory of Banco Santander and Astris Finance.

“

Capacity

“

Location

Furthermore it establishes a replicable financing framework for future BESS-enabled portfolios in Spain.

“

Announcement

January 2, 2026.- BRUC has executed a € 474 million non-recourse portfolio refinancing covering 858 MWp of operating renewable assets, arranged with BNP AM, Banco Santander, Banco Sabadell, Export Development Canada (EDC) and Banco Cooperativo; and the financial advisory of Banco Santander and Astris Finance.

PARTIES MENTIONED IN SOURCE

Bruc Energy owner

"The assets included in this financing are part of the company owned by BRUC Energy (51%) and Interogo (49 %)."

Interogo owner

"The assets included in this financing are part of the company owned by BRUC Energy (51%) and Interogo (49 %)."

BNP AM lender

"BRUC has executed a € 474 million non-recourse portfolio refinancing covering 858 MWp of operating renewable assets, arranged with BNP AM, Banco Santander, Banco Sabadell, Export Development Canada (EDC) and Banco Cooperativo; and the financial advisory of Banco Santander and Astris Finance."

Banco Santander lender

Banco Sabadell lender

Export Development Canada (EDC) lender

Banco Cooperativo lender

Astris Finance advisor

high quality Enriched Feb 19, 2026

Timeline

Announced

Jan 2, 2026

Signed

Closed

Get the full picture — timeline, source intelligence, and counterpart analysis.

Source

brucenergy.com

View Full Deal Details

€474 million portfolio refinancing for 858 MW operating renewable assets

Counterparts (9)

Source Intelligence

Timeline

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