A&O Shearman Leads Project Finance in Spain; Watson Farley Tops Transactions in 2025
A&O Shearman led the project finance sector in Spain for 2025, achieving a total transaction value of €7.718,8 million, largely due to Iberdrola's East Anglia Hub project. Watson Farley & Williams topped the number of transactions with 34 deals, while Linklaters followed closely in value at €7.628,57 million. The market experienced growth despite investor uncertainty, with a notable shift towards energy storage solutions to manage grid challenges.
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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.
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