Best Project Finance Lawyers in Puerto del Rosario

1. About Project Finance Law in Puerto del Rosario, Spain

Project finance in Puerto del Rosario relies on a special purpose vehicle (SPV) that borrows to fund a project and repays debt from project cash flows. The structure is common for large infrastructure, energy, water, and urban development projects in the Canary Islands. Local lawyers help align corporate, financing, and regulatory issues to ensure lenders receive appropriate security and risk allocation.

In Puerto del Rosario, the regulatory framework blends national law with autonomous community rules. Practically, that means corporate governance, financing documents, and contract law follow Spanish standards, while execution includes regional environmental and urban planning permits. An attorney helps navigate notarial deeds, registry filings, and cross-border lender requirements. The goal is to secure non recourse or limited recourse financing backed by project cash flows rather than the balance sheet of the project sponsor.

2. Why You May Need a Lawyer

A local project finance solicitor can add value at every stage of a deal in Puerto del Rosario. Below are concrete scenarios where specialized legal advice is essential.

• A private investor plans a solar farm near Puerto del Rosario and needs to set up an SPV and negotiate a lender's term sheet with banks from Madrid and Brussels. A lawyer maps the SPV structure, drafting shareholder and loan documentation, and coordinates with tax advisors.
• A municipal PPP for a wastewater plant requires drafting and negotiating the concession contract and ensuring compliance with the public procurement regime. A legal counsel coordinates with the Ayuntamiento de Puerto del Rosario and can address environmental licensing requirements.
• A cross border project seeks non recourse debt from Spanish lenders with exposure in other EU jurisdictions. An attorney helps with intercreditor agreements, collateral perfection, and cross-border security packages.
• A cost overrun triggers a change in law affecting project economics. A lawyer analyzes contractual change in law provisions and mitigation strategies, including force majeure and contract termination options.
• Tax considerations arise around value added tax, corporate tax, and transfer pricing for a project financed through an SPV. A solicitor works with tax advisors to align financing structures with Spanish tax rules.
• During construction, disputes over delays or defects emerge. A project finance attorney drafts dispute resolution provisions, and coordinates with local courts or arbitration forums as needed.

3. Local Laws Overview

Project finance in Puerto del Rosario is governed by several key Spanish laws, complemented by Canary Islands administration rules. The following are fundamental to most project finance transactions in the area.

• Ley de Sociedades de Capital (Royal Legislative Decree 1/2010, de 2 de julio) - the core framework for corporate governance, shareholding, and capital structure used by SPVs. It provides the basic rules for directors, minority protections, and corporate reorganization.
• Ley de Contratos del Sector Público (Ley 9/2017, de 8 de noviembre) - governs procurement and concessions for public sector projects, including some PPP structures in the Canary Islands. It sets competitive bidding and contract award procedures for financed infrastructure.
• Texto Refundido de la Ley de Contratos del Sector Público (Real Decreto Legislativo 3/2011, de 14 de noviembre) - the consolidated text that codifies the public procurement regime, used to interpret and apply the Ley 9/2017 framework in practice.
• Ley 58/2003 (General Tributaria) - provides the main framework for taxes applicable to project finance structures, including procedures for tax assessments and appeals. It is amended periodically to reflect fiscal changes affecting SPVs and cross-border financing.

Source: Gobierno de Canarias emphasizes that public contracts and energy projects in the Canary Islands must comply with national statutes, while coordinating with regional authorities for environmental and urban permits. https://www.gobiernodecanarias.org

Source: Agencia Tributaria outlines general tax rules for corporate entities and financing arrangements, including VAT and corporate tax considerations for project finance. https://www.agenciatributaria.gob.es

Source: Ministerio de Justicia notes that the Ley de Sociedades de Capital governs corporate structures used in project finance in Spain. https://www.mjusticia.gob.es

4. Frequently Asked Questions

What is project finance and how does it work in Puerto del Rosario?

Project finance uses an SPV to own and operate a project with debt repaid from project cash flows. Lenders typically take security over project assets and contracts rather than the sponsor's balance sheet.

How does an SPV help in a wind or solar project near Puerto del Rosario?

The SPV isolates project risk, facilitates lender comfort, and enables non recourse or limited recourse funding. It also simplifies ownership and compliance for the project's permits.

Do I need a local abogado in Puerto del Rosario for a project finance deal?

Yes. A local attorney understands Canary Islands permitting, municipal requirements, and regional environmental rules. Local language and procedural nuances matter for timely closing.

What is the typical timeline for closing a project finance deal in the islands?

Timelines vary by project size and complexity. A straightforward SPV formation and term sheet negotiation may take 6-12 weeks; larger PPPs can exceed 12 months.

What costs should I expect when hiring a project finance lawyer in Puerto del Rosario?

Costs depend on deal complexity and firm seniority. Expect a mix of hourly rates, fixed fees for due diligence packages, and success-based components in some arrangements.

Do I need to involve a procurador or notario in a project finance closing?

Yes. Procuradores and notaries handle official filings and instrument execution. They ensure valid signatures, proper stamping, and dataset alignment with registries.

What is the role of the public procurement regime in a PPP project?

The procurement regime governs tendering, bid evaluation and contract award. Compliance is critical to avoid disputes and to preserve lender confidence.

Can a Canary Islands reform affect my project finance terms?

Reforms to corporate, tax, or procurement rules can impact financing costs, security, and approvals. Ongoing legal due diligence is essential.

Is it possible to use cross-border funding for a project in Puerto del Rosario?

Yes. Cross-border funding is common. It requires careful coordination of security packages and regulatory approvals across jurisdictions.

Should I pursue a private financing or a public procurement route for infrastructure?

That depends on project scope and funding sources. Public procurement suits projects with state backing, while private financing suits stand-alone projects with SPV cash flow.

Do I need a tax advisor in addition to a project finance attorney?

Yes. Tax planning for SPVs, cross-border payments and incentives requires collaboration with a tax advisor familiar with Spanish and Canarian rules.

5. Additional Resources

• Gobierno de Canarias - Official portal for regional procurement, licensing, and regulatory information relevant to project finance in the Canary Islands. https://www.gobiernodecanarias.org
• Agencia Tributaria - Spanish Tax Agency with guidance on VAT, Corporate Tax and other taxes affecting project finance structures. https://www.agenciatributaria.gob.es
• Parlamento de Canarias - Regional legislature for Canary Islands matters, including laws affecting procurement and corporate activity in the islands. https://www.parlamentodecanarias.org

6. Next Steps

1. Define your project scope and financing strategy in writing. Include target debt size, equity structure, and SPV ownership. Timeline: 1-2 weeks.
2. Identify a qualified project finance solicitor in Puerto del Rosario, focusing on SPV formation, project contracts, and local permitting. Timeline: 1-2 weeks.
3. Schedule initial consultations with 2-3 firms to compare approach, timelines, and fee arrangements. Timeline: 2-4 weeks.
4. Request written proposals outlining scope, deliverables, and fee estimates. Review references and track record in Canary Islands projects. Timeline: 2-3 weeks.
5. Engage counsel with a clear engagement letter, including milestones, security packages, and closing deliverables. Timeline: 1 week after selection.
6. Provide due diligence materials (permits, contracts, financial models) to your legal team. Timeline: 2-4 weeks depending on project type.
7. Proceed to negotiations and closing, coordinating with lenders, engineers, tax advisors, and regulators. Timeline: 1-12+ months depending on project size.