Hogan Lovells advises Bpifrance financing of Waga Energy’s first Spanish project
Global law firm Hogan Lovells has advised Bpifrance on a long-term, non-recourse loan to Waga Energy's Spanish subsidiary to finance its first WAGABOX® unit, which has been in operation since June 20, 2023 at the PreZero waste storage site in Els Hostalets de Pierola (Catalonia).
This loan is guaranteed by credit insurance provided by Bpifrance Assurance Export, and also benefits from a European subsidy under the Innovation Fund Small Scale program, designed to promote the deployment of innovative, low-carbon technologies.
Thanks to WAGABOX® technology, developed and patented by Waga Energy, this innovative equipment produces biomethane, a renewable substitute for fossil natural gas, by purifying the gas emitted spontaneously by the degradation of organic matter contained in waste. The renewable gas produced is injected directly into the local gas network.
The WAGABOX® unit will supply 70 GWh of biomethane per year, equivalent to the annual consumption of 14,000 Spanish households or 200 heavy vehicles. Its commissioning will avoid the emission of around 17,000 tonnes of eqCO2 by replacing fossil natural gas.
The Hogan Lovells team in Paris was led by partner Olivier Fille-Lambie with support from senior associate Alexandre Salem and associate Marie-Michèle Banzio.
Madrid-based senior associate Carlos Meijide and associates Laura Wouters and Begoña Fernández advised on the financing aspects of the transaction. Partner Fernando Calancha and associate Raul Matute advised on the project aspects of the transaction.