You are Elena Vilanova-Sastre, 41, Director of Development at SolárLeón, a mid-sized Spanish renewables developer. You have eleven days to close a 120 MW solar PPA that requires three counterparties to sign on the same line. None of them will sign without the other two also signing.
The deal
The Cuesta del Quintana project is a 120 MW solar plant in the province of León. Construction permits are in hand. The financing depends on a 15-year PPA whose three counterparties are: Endeya Comercial (regulated utility off-taker, IBEX-Small-Caps), the Ayuntamiento de Villalbra (municipality of 4,200 that owns the 240-hectare land parcel), and Consorcio Iberindustrial (the EPC consortium of three Spanish industrial groups).
The bilateral talks have produced three near-deals — but every time you fix one bilateral, a different one breaks. The utility wants a fixed price; the EPC wants an indexed price (because its steel costs are linked to a Frankfurt benchmark); the municipality wants a price escalator tied to local council elections in March 2027. Five issues are on the table. Bonotec, your French private-equity sponsor, has told the board: if there is no signed PPA on June 4th, the construction slot at the Quintana substation is reassigned and the project value drops by 38%.