A group of local and international banks have optimised the funding of the 100MW Andasol 1 and 2 solar concentrated solar power plants in southern Spain.

The plants’ owners – Antin Infrastructure, Deustche Asset & Wealth Management and Grupo Cobra – opted for the equity and debt optimisation due to regulatory changes introduced in 2012 and 2014, legal advisers Watson Farley & Williams (WFW) said.

Spain brought in new rules cutting the subsidies for operating renewable energy plants.

The deal involves new financing from a European infrastructure fund and the renewal of the initial financing, including debt tranche redesign, as well as amortisation schedules and margins changes, according to WFW.

Andasol 1 and 2, in Guadix near Granada, received €500m in financing back in 2006.

The bank syndicate includes the European Investment Bank and the Spanish Export Credit Agency, as well as local lenders Banco Sabadell, Dexia Sabadell, Catalunya Banc and Unicaja.

International banks comprised Bayerische Landesbank, Landesbank Hessen Thueringen Girozentrale, BNP Paribas Fortis and Portigon/Dexia Credit, as well as the unnamed infrastructure fund.

BNP Paribas structured the deal as financial adviser.