Portuguese energy company Galp Energia has signed an 8.5-year €560mn Cesce-backed export credit facility with nine international banks.

Santander is acting as the financial advisor and sole mandated lead arranger on the transaction, while BBVA and Société Générale are lead arrangers.

The lending banks include Caixabank, Banco Popular, Bankia, Banesto, Bankinter and Kfw Ipex-Bank.

Spanish export credit agency Cesce is providing insurance on the deal.

The transaction aims to finance the final stage of the Sines refinery upgrade project – the largest industrial investment made in Portugal in recent years. The project will increase the production of diesel and jet fuel to meet market demand, Galp Energia says in a statement.