Jorge Toral | Lawyers

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"I help clients navigate the complexities of Spain’s regulated sectors — from negotiating and closing commercial agreements and major transactions, to advising on regulatory matters and litigation against public authorities, and securing regulatory approvals, including foreign investment control. My practice sits at the intersection of transactional and regulatory work. Clients value my ability to bring both technical rigour and commercial instinct to every mandate. I draw on an inside-out knowledge of the regulatory frameworks that govern these sectors to anticipate problems, cut through complexity, and give clients the practical, solution-oriented advice they need to move forward with confidence."

Overview

Jorge Toral is a Partner in the Regulatory (Public Law) and Projects practice at Linklaters’ Madrid office. He advises clients across Spain’s key regulated sectors: Energy & Infrastructure, Digital Infrastructure, Defence and Healthcare, amongst others.

Jorge’s practice covers the full deal lifecycle. He supports the Corporate and Banking teams on M&A and finance transactions, negotiates construction and commercial agreements, and provides regulatory and litigation advice — including foreign investment control and regulatory approvals in Spain.

He leads the project agreements practice in the Madrid office. This covers construction contracts, power, gas and green hydrogen purchase agreements, feedstock supply contracts, development services agreements and BESS optimisation agreements, as well as other key instruments for the development and operation of renewable and energy transition projects.

He works closely with Linklaters’ Energy & Infrastructure team across the firm’s network to serve clients across borders.

Clients value Jorge’s deep knowledge of Spanish regulations and his ability to provide local, sector-specific expertise on transactions. He has built strong, long-standing relationships with leading infrastructure funds and institutional investors, including Mirova, Macquarie, Nuveen or TPG. He also provides ongoing regulatory advice to major Spanish energy companies, including Iberdrola and Repsol.

Jorge completed a secondment at the Linklaters London office in 2023.

Experience

Advised Masdar (Abu Dhabi Future Energy Company) on a series of landmark transactions in Spain, including: (i) a strategic alliance with Endesa in the renewables sector (approximately US$1.7bn); (ii) the US$1.4bn acquisition of renewable energy platform Saeta Yield from Brookfield; and (iii) the acquisition of a 49.99% stake in a portfolio of four operational solar PV plants with approximately 398 MW of installed capacity in Spain.
Advised IFM Investors on its takeover bid over Naturgy, initially valued at over €5bn. This is the most significant takeover bid in the Spanish energy sector in recent years, and awarded as deal of the year in 2022 by Expansion.
Advised AIMCo on the €2bn sale of Eolia to Engie — the largest transaction executed in the Spanish renewable energy market in 2021.
Advised Macquarie on the sale of a stake in Exolum to KKR, a significant infrastructure transaction involving complex regulatory and sector-specific considerations.
Advised OTPP on the acquisition of Donte Group, leading sector-specific due diligence and negotiation of key transaction documents.
Advised I-Squared on the €1.5bn sale of T-Solar to Cubico.
Advised USS and OTPP on the sale of a 49% stake in a portfolio of operational and under-construction renewable projects in Spain owned by BRUC Energy to Interogo Holdings.
Advised Apical and its subsidiary Bio-Oils on their joint venture with CEPSA (now, MOEVE) for the development of what is projected to be the largest biofuel plant in southern Europe, with an expected investment of €1bn.
Advised Cero Generation (Macquarie), Mirova, Grenergy, BRUC Energy, Matrix Renewables and other independent power producers on the negotiation of key project agreements — including EPC, O&M, PPAs, BESS optimisation agreements and green hydrogen supply contracts — providing end-to-end support to ensure the commercial viability and operational efficiency of their projects.
Advised a major Spanish utility on a joint venture for the production and commercialisation of green hydrogen, ammonia and methanol with international transportation and fertiliser companies, including the negotiation of complex offtake contracts.
Advised Repsol on the standardisation their main commercial contracts across the Repsol group, alongside PPA negotiations for hydrogen projects and the implementation of data centre arrangements requiring both regulatory expertise and bespoke commercial agreements.
Currently advising Moeve on the combination of Moeve’s and Galp’s downstream activities to form leading European Energy and Mobility platforms.

Recognition

Jorge is ranked by Chambers as “Up and Coming” in Energy & Natural Resources (having gone from Associate to Watch, to Star Associate to Up and Coming in the last five years). Clients say they can count on him at all times and describe him as approachable, always available, and highly proactive. They highlight his strong commercial approach, his ability to understand their needs, anticipate problems, and deliver practical, solution-oriented advice. Market sources value the complete support he provides and remark that he is a pleasure to work with.

Linklaters’ Energy & Natural Resources practice in Spain, to which Jorge contributes significantly, was recognised as Energy and Natural Resources Firm of the Year in Spain by Legal500 in 2025. He is ranked as Next Generation Partner by Legal500.

Education, Qualifications and Languages

Jorge holds a double degree in Law and Business Administration from Universidad Carlos III de Madrid (2005–2011), and completed a programme in Law and Economics at Harvard Law School (2019).

In addition to Spanish, he is fluent in English and French.

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