Gemswell — Project Finance · approximately €60M

Gemswell Surf Madrid closed a financing package of more than €60M to build its 23,000 m2 Wavegarden-powered surf lagoon inside Atletico de Madrid's Ciudad del Deporte, opening spring 2027. The structure combines a syndicated bank loan taken 50/50 by Banco Santander (coordinator and agent) and BBVA, an approximately €15.7M participative/subordinated loan from EU NextGenerationEU funds channelled through the Buenavista NextGen Urbano vehicle, and equity contributed by the project's sponsors Stoneweg InfraSports (the Stoneweg + Teras Capital JV) and Atletico de Madrid, and no investor was described as leading it. Reported project cost including the wider concert arena, hotel and dining phases has since been quoted above €350M, and some English-language coverage cites the round as about $70M.