News | 20 March 2026
BBVA supports Global Power Generation in the refinancing of its debt
BBVA has acted as sole financial adviser to Global Power Generation (GPG) in the refinancing of its debt for an equivalent amount of USD 1.3 billion. The transaction underscores BBVA’s debt advisory capabilities in supporting major corporates and financial sponsors in complex cross-border energy transactions.
In addition to its role as sole financial adviser to Global Power Generation (GPG), an independent power producer (IPP) owned by Naturgy (75%) and Wren House Infrastructure (25%), BBVA also acted as Bookrunner, Mandated Lead Arranger, Hedge Provider and Facility Agent, playing a key role within a syndicate of 14 international lenders.
BBVA supported the company and its shareholders from an early stage in the development and optimization of the refinancing strategy, within the framework of a cross border transaction that required the coordination of teams across key strategic markets. This included the full structuring of the new term loan in line with GPG’s business plan, a proactive approach to key market lenders, and the coordination of due diligence, credit approvals and financing documentation.
GPG has a global footprint spanning Latin America and Australia, with a total installed capacity of 5.0 GW. The transaction was structured around the company’s Restricted Perimeter, comprising 3.2 GW of operational assets across Mexico (four CCGTs and one wind asset), Puerto Rico (one CCGT and regasification facility), the Dominican Republic (two fuel oil plants), Costa Rica (one hydro plant) and Panama (four hydro plants).
The transaction represents a strategic milestone deal for GPG given the sizable amount of the transaction and its relevance within the company’s financial structure. The refinancing included a dual-currency structure with USD and MXN denominated tranches and subsequent mix of different lenders across both tranches of the term loan.
The mandate highlights BBVA’s debt advisory capabilities in supporting major corporates and financial sponsors in the energy sector and demonstrates the bank’s ability to manage complex cross-border mandates through an integrated platform. With this transaction, BBVA reaffirms its leadership in the energy sector in Latin America, positioning itself as a financial partner of reference for global energy players.