Madrid - Watson, Farley & Williams

02 OUR MADRID OFFICEOur Madrid officeWatson, Farley & Williams was delighted toopen its 12th international office in Madrid inNovember, 2009. We have expanded into anew and exciting jurisdiction in which we canoffer real value to clients. We continue tofocus on sectors in which the firm hasstrengths with the intention of building amarket leading position in Spain.Firm growthThe opening of our Madrid officecomplements the firmʹs practices in otherlocations. International clients can benefitfrom an integrated service, which givesthem access to all the major economies inEurope, and a broad range of skills andexpertise that is consistent across all ourjurisdictions.International networkFrom the firm’s 12 international offices, ourlawyers operate as an integrated team.Lawyers in our Madrid office work with ourInternational Project and StructuredFinance Group and International CorporateGroup to provide seamless internationalservice for which we have becomerenowned.

06 INFRASTRUCTURE EXPERIENCEInfrastructure experienceMTSAMTSAMoncloaAdvising Banco Santander,Dexia and AhorroCorporación as MLAs in therefinancing of Line 1 of theTenerife Light Rail andfinancing of the new Line 2.Advising BBVA in theprovision of additionalfinancing for Line 1 of theTenerife Light Rail, backedby a grant from the StateGovernment.Advising the MLAs in thefinancing of the transportinterconnector of Moncloain Madrid.Plaza ElípticaInterbiakSon DuretaMetrocallAdvising the MLAs in thefinancing of the transportinterconnector of PlazaElíptica in Madrid.Advising the EIB in theInterbiak road project inBilbao.Advising the EIB in thefinancing of the Son DuretaHospital in Mallorca.Advising BBVA in thefinancing oftelecommunicationsequipment for the Madridsubway.Toll highwaysAdvising the EIB in therestructuring of thefinancing of two tollhighways.Collado‐Villabla TownCouncilAdvice on the public worksconcession for theconstruction andexploitation of anunderground parking.EuroglosaAdvice on the maintenanceof the economic andfinance equilibrium of theconcession for the project,construction andexploitation of the road M‐45.International ContainerTerminal Services (ICTS)Advice to ICTS regardingthe construction andexploitation of a containerterminal in the Port ofTarragona.Estación de servicioGamazzaAdvice in relation to theexpropriation procedures ofseveral petrol stations inthe road N‐240.Comunidad General deRiegos del Alto ArragónAdvice in severalcontentious‐administrativeappeals regarding theconstruction of hydraulicworks and legal regime ofwater levies.C.R. Aeropuertos, S.L.Advice on several issuesrelated to the legal regimeapplicable to the CiudadReal airport.Autopista AeropuertoConcesionaria EspañolaAdvice on several issues inrelationi to the constructionand exploitation of the EjeAeropuerto toll highway.

NATURAL GAS/LNG EXPERIENCE07Natural gas/LNGexperienceSaggasSaggasReganosaEnagasAdvising the projectcompany and sponsors inthe refinancing of theSagunto LNG terminal, andfinancing by the EIB andcommercial banks of a newexpansion of the same.Advising the projectcompany and sponsors inthe financing of the firstexpansion of the SaguntoLNG terminal.Advising the MLAs in thefinancing of the ReganosaLNG terminal.Advising Enagas in the duediligence of the BBGregasification terminal andin the acquisition of asignificant percentage of itsshare capital.Gas NaturalAdvising Gas Natural in aninternational arbitration ona price‐reopener related toa long term LNG sale andpurchase agreement withAtlantic 1 of Trinidad andTobago.Gas NaturalAdvising Gas Naturalin relation to theinterpretation andenforceability of its gascontracts in Nigeria,Algeria, Qatar and Trinidadand Tobago.Energía y Gas de Huelva(Grupo Villar Mir)Advising Energía y Gas deHuelva (Grupo Villar Mir) inthe development of aregasification terminaland two associatedcombined cycle powerplants in Spain.Unión Fenosa GasAdvising Unión Fenosa Gasin a ShareholdersAgreement, SharePurchase Agreement andother documentationrelated to the participationof an Omanian partner inthe Sagunto LNG Terminal.Unión Fenosa GasGas NaturalUnión Fenosa GasHidrocantábricoAdvising Unión Fenosa Gasin the development of a gasliquefaction plant (LNGplant) in Damietta, Egypt.Advising Gas Natural in thenegotiation andrenegotiation of severalLNG purchase agreementsin the Middle East, Africaand LATAM.Advising Unión Fenosa Gasin its participation in thedevelopment of a gasliquefaction plant (LNGplant) in Qalhalt, Sultanateof Oman.Advising Hidrocantábrico inthe due diligence, review ofLNG Contracts and all gasrelated matters in theprocess of the acquisition ofNaturcorp (Gas de Euskadi).HidrocantábricoAdvising Hidrocantábrico inthe negotiation with Enagasof agreements for thetransportation and accessto the gas mains.Essent Energy TradingIberiaCounsel to Essent EnergyTrading Iberia in relation toan agreement with Enagasfor obtaining access to theSpanish gas system.RWECounsel to RWE in theobtaining of theauthorization as gas traderin Spain.Saint GobainCounsel to Saint Gobain onregulatory matters relatedto a natural gas supplyagreement.Watson, Farley & Williams Madrid

08 Electricity experienceElectricityEndesaAdvising Endesa in thetakeover bids by GasNatural, E. On, Enel andAcciona to acquire 100% ofits share capital.Red EléctricaAdvising Red Electrica onthe acquisition of theelectricity transportationnetworks of Endesa,Iberdrola, Unión Fenosaand Viesgo.Morgan StanleyAdvising Morgan Stanleyon the VPP auctions carriedout by Endesa andIberdrola.EndesaVillar Mir EnergíaEndesaIberdrolaAdvising Endesa or acontentious‐administrativeappeal against RoyalDecree 324/2008 regulatingVPP auctions.Advising Villar Mir Energíaon the due diligenceprocess for the acquisitionof Centrica business inSpain.Advising Endesa on thenew regulations (RoyalDecrees 134/2010 and1221/2010) regarding StateAids to the national coal,including contentiousadministrativeappealsagainst said Royal Decrees.Advising Iberdrola on acontentious‐administrativeappeal against MinisterialOrder ITC/1549/2009 on theSpain – Portugal electricityinterconnection.UnesaAdvising Unesa regardingseveral regulatory mattersrelated to the electricitydistribution regime in Spain

Emision Rights and Oil experience09Emission RightsEndesaAdvising Endesa on theonly CCS (Carbon Captureand Sotrage) Project inSpain, including theproceedings related to thefinancial aid through theEEPR (European EnergyProgramme for Recovery)ICO and SantanderInvestmentAdvising ICO andSantander Investment inrelation to the incorporationof the fund Fondo deCarbono para la EmpresaEspañola (FC2E), the firstcarbon fund managed inSpain.IberdrolaAdvising Iberdrola on theimplementation by Spain ofthe EC Directive 2003/87 onemission allowance trading.Saint GobainAdvising Saint Gobain oncontentions‐administrativeappeals against severalresolutions grantingemissions rights for theperiod 2008‐2012.CemexAdvising Cemex in relationto the emission rightsobtained in the SpanishNAP (National AllocationPlan) 2008‐2012.OilShellCounsel to Shell in the saleof its Spanish LPGdistribution business, thedisposal of its 338 petrolstations in Spain and its 5%in CLH to DISA.Watson, Farley & Williams Madrid

10 TEAM PROFILETeam profileJoaquín SalesPartnerMadridMaría Pilar García GuijarroPartnerMadridIgnacio BorregoPartnerMadridMaría SegimónPartnerMadridjsales@wfw.com+34 91 564 82 92mpgarcia@wfw.com+34 91 564 15 10iborrego@wfw.com+34 91 564 98 30msegimón@wfw.com+34 91 564 07 49Joaquín Sales is a Partner inWatson, Farley & Williams’International Project andStructured Finance Group,and is also the Head of theMadrid office.Joaquín is a project financelawyer with extensiveexperience in energy andinfrastructure projectsworking for both banks andsponsors. He is a frequentspeaker at domestic andinternational conferenceson project finance andsecuritisation.María PilarGarcía specialises in thecorporate and commercialaspects of energytransactions includingproject development, projectacquisitions and projectfinance. She is also an expertin private equity.She has extensive experiencein the energy sector, withspecial focus on renewables,LNG and power.María Pilar leads theCorporate team in Madrid.Ignacio is a specialist inPublic Law and leads theRegulatory team in Madridas a partner since 2010.He advises domestic andforeign clients in all kinds ofadministrative procedures,public tenders andcontentious –administrativeproceedings before theSpanish courts. In particular,he has a broad experience onrenewable and gas projectsand issues related to Spanishenergy regulations.María Segimón joinedWatson, Farley & Williams’International CorporateGroup as a Partner in 2011.María specialises inCompany Law havingadvised in M&A, jointventures, IPOs, take‐overbids, syndicated loans andshareholder and venturecapital agreements in Spainand abroad.Focus on:photovoltaic and thermalsolarinfrastructureLNG/natural gas.Focus on:wind powerphotovoltaic and thermalsolarLNG/natural gascombined cyclesprivate equity.Focus on:wind powerphotovoltaic solarthermal solarnatural gasinfrastructurespublic utilities.Focus on:M&Ajoint venturesIPOsTake‐over bidssyndicated loansshareholder and venturecapital agreements.

RECOMMENDATIONS11RecommendationsʺClients praiseJoaquin’s technicalknowledge andpeers declare himʹagreeable andeasy to work withʹ.ʺChambers Europe 2009ʺShortlisted ‐ Law Firmof the YearʺLegal Business Awards2010Watson, Farley & Williams Madrid

12 OUR OFFICESOur officesUKUSAGermanyFranceItalyLondonNew YorkHamburgParisRome15 Appold StreetLondon EC2A 2HBTel: +44 20 7814 8000Fax: +44 20 78148141/81421133 Avenue of theAmericasNew York NY 10036Tel: +1 212 922 2200Fax: +1 212 922 1512Am Kaiserkai 6920457 HamburgTel: +49 40 80 80 344 0Fax: +49 40 80 80 344 10150, avenue desChamps‐Elysées75008 ParisTel: +33 156 88 21 21Fax: +33 156 88 21 20Piazza Navona, 492nd Floor int 2/300186 – RomeTel: +39 06 68 40 581Fax: +39 06 68 89 2716MunichMilanKardinal‐Faulhaber‐Straße 1080333 MunichTel: +49 89 2370 86 0Fax: +49 89 2370 86 222Via Santa Radegonda 11MilanTel: +39 02 7209 5361

OUR OFFICES13SpainGreeceSingaporeThailandMadridPiraeusSingaporeBangkokMaria de Molina, 428006 MadridTel: +34 91 564 81 00Fax: +34 91 563 16 30Akti Miaouli 89& Mavrokordatou 4Piraeus 185 38Tel: +30 210 455 7300Fax: +30 210 459 400416 Collyer Quay #12‐02Singapore 049318Tel: + 65 6 532 5335Fax: + 65 6 532 5454Unit 902, 9th Floor,GPF Witthayu TowerB93/1, Wireless RoadPatumwan, Bangkok10330Tel: + 66 2 665 7800Fax: + 66 2 665 7888Athens6th FloorNeophytou Vamva 4Kolonaki 106 – 74AthensTel: +30 210 455 7300Fax: +30 210 721 2490All references to ‘Watson, Farley & Williams’ and ‘the firm’ in this brochure mean Watson, Farley &Williams LLP and/or its affiliated undertakings. Any reference to a ‘partner’ means a member ofWatson, Farley & Williams LLP, or a member or partner in an affiliated undertaking, or an employeeor consultant with equivalent standing and qualification. The transactions and matters referred toin this publication represent the experience of our lawyers.This brochure is produced by Watson, Farley & Williams. It provides a summary of the legal issues,but is not intended to give specific legal advice. The situation described may not apply to yourcircumstances. If you require advice or have question or comments on its subject, please speak toyour usual contact at Watson, Farley & Williams.This publication constitutes attorney advertising.100‐000‐0740 MAD© Watson, Farley & Williams 2011Watson, Farley & Williams Madrid

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