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A&O Shearman ranked first in Spain for project finance in 2025 by total transaction value at €7.718,8 million, driven by Iberdrola's East Anglia Hub project. Watson Farley & Williams led in number of transactions with 34 deals.

Linklaters secured second place with €7.628,57 million. Cuatrecasas and Uría Menéndez also performed well, recording 25 and 17 deals, respectively. The market saw growth despite investor uncertainty, with total financed projects surpassing €5.224 million compared to 2024.

The focus is shifting towards energy storage solutions, particularly battery integration, to address grid overload and pricing issues. Experts anticipate a more selective market by 2026, emphasizing the need for sophisticated financing structures and diversified portfolios incorporating renewable technologies.