Ashurst advises ING on the first project finance transaction for the development of a biomethane plant in Spain

Global law firm Ashurst has advised ING as financing bank on a pioneering transaction in Spain consisting of the first project finance transaction for the development of a biomethane plant in Spain.

ING will provide AGR Biogas, a pioneer in Andalusia in the promotion and management of industrial biogas plants, with the financing for the construction of a 55GWh biomethane production plant in La Calahorra, Granada.

ING, as part of its commitment to sustainability and the financing of projects that have a positive impact on the environment, is backing this joint project with AGR Biogas, which will prevent the direct emission of more than 20,000 tonnes of CO2 into the atmosphere every year and will also support the primary sector in rural areas.

The Ashurst team has been co-led by Irian Saleta Martínez (Banking and Finance Law partner) and Andrés Alfonso (Energy Transition partner), and assisted by Manuela Sanz, Ignacio Piñeiro and Javier Altemir (senior associate and associates of the Banking and Finance Law department, respectively). The Corporate and M&A team with Pedro Díaz (associate) and the Tax team, Ricardo García-Borregón and Jorge Ramírez (partner and counsel, respectively), were also involved in the transaction.