Banco Santander has structured and financed an agribusiness project in Spain valued at €37 million (US$40 million), supporting the acquisition of farmland and the development of a large-scale avocado plantation. The investment is backed by Spanish firm Arcano Partners and is considered one of the largest agribusiness finance transactions in Spain in 2025.
The project involves Qultiva Farms, its affiliates, and shareholders, who participated in the structuring, negotiation, and closing of the financing. The scheme was designed as a tailored project finance model to reflect the long-term investment horizon and sector-specific risks associated with agricultural production.
Instituto de Crédito Oficial (ICO), Spain's public bank, joined the financing together with other private financial institutions.
Dentons acted as lead counsel to Banco Santander and ICO, providing advice on structuring, negotiations, security arrangements under Spanish law, coordination with guarantors, and hedging and ancillary agreements. The firm also advised on refinancing existing debt and financing both capital expenditure and working capital. The Dentons team was led by Luis Belart, supported by Ignacio Fernández, Miguel del Río, Adelaida Torres, and María Morales.
Ontier advised Qultiva Farms, its affiliates, and shareholders. The Ontier team was led by Israel Gómez-Caro with the support of Esteban Cuyás, Cristina Rosado Sibón, and María Luisa Cid.
The plantation project reflects ongoing developments in Spain's avocado sector, which has expanded production in recent years in response to growing demand in European markets.
Source: IberianLawyer
