Watson Farley & Williams (“WFW”) has advised Plenium Partners (“Plenium”) on its acquisition from different sellers and related financing of an operating photovoltaic portfolio with a total capacity of 30MW composed by three plants located in Extremadura, Spain. The €250m transaction closed on 29 June 2021.
The transaction consisted in two acquisitions processes of the relevant project companies. Acting as transaction advisors, WFW carried out the due diligence process, as well as the drafting and negotiation of the SPA, and several other ancillary agreements, as well as the closing of the transaction. The project financing was negotiated with an international bank and a pool of lenders.
Plenium is an independent investor, asset manager and operator in the renewable sector. To date, Plenium co-owns and manages one of the largest operating renewable energy portfolios in Southern Europe with 2.2 GW of photovoltaic, wind, hydro and thermal assets across Spain, Italy and Portugal.
The WFW cross-border Energy team advising Plenium was led by Madrid Office Head and Corporate Partner María Pilar García Guijarro, working closely with Finance Partners Jose María Anarte in Madrid and Thomas Hollenhorst in Hamburg. Madrid Corporate Senior Associate Román Pazos, Hamburg Finance Associate Roman Schneider and Madrid Finance Associate Iñigo Bastarreche assisted.
María Pilar commented: “It has been a great pleasure to support Plenium in this complex transaction by offering our comprehensive advice in the relevant jurisdictions. Our full-service team can advise our clients where they need us and we look forward to working with Plenium Partners again on future transactions”.
Jose María added: “The finance team managed the transaction with an excellent coordination with our corporate colleagues as our advice took into account all the current issues arising from the financing in place. The closing of this transaction confirms once again our expertise in the renewable energy sector in Spain and with local and international players”.