Watson Farley & Williams (“WFW”) advised German investment and asset manager KGAL, acting on behalf of the Software AG Foundation (“SAGST”), on the latter’s acquisition of two photovoltaic (“PV”) projects, already connected to the grid, in Andalusia, Spain.
With a total installed capacity of 60.5 MWp, the projects represent a significant addition to SAGST’s renewables platform and will contribute to Spain’s energy transition targets. The revenue for 70% of the electricity they will produce is secured through a ten-year power Purchase Agreement (“PPA”) with Velux, a European industrial company.
KGAL is a leading independent investment and asset manager, specialising in long term real asset investments for both institutional and private investors, with over €15bn AUM.
SAGST is one of Germany’s most prominent non-profit foundations. Its assets are diversified across several asset classes and invested according to self-defined ESG criteria. These include real estate, capital markets and corporate holdings.
The multidisciplinary WFW Madrid team that advised KGAL was led by Corporate and M&A Partner Ana Lorenzo, supported by Associates Daniel Schaub, Julia Valiente and Rocío Raga. Senior Associate Pilar Rozas and Associates Miguel Rubio provided regulatory support, with Senior Associate Javier Gabiña advising on tax matters.
Ana Lorenzo commented: “This transaction reflects the sustained investor interest in the Spanish renewables market. As the go-to legal advisor for complex energy transactions in Spain, WFW is pleased to have provided legal support to KGAL on this matter and contribute to the advancement of Europe’s energy transition”.
