Watson Farley & Williams (“WFW”) has advised Sonnedix on the negotiation and execution of a ten-year solar pay-as-produced power purchase agreement (“PPA”) with Equinix for a 150 MWp solar photovoltaic (“PV”) portfolio.
The portfolio comprises three solar PV plants in Cuenca, Castilla-La Mancha, Spain. The projects are currently under construction and are expected to start operations by the end of 2024.
Sonnedix is a long-standing WFW client and a leading renewable energy producer which develops, builds, and operates renewable energy projects with over a decade-long trajectory of sustainable growth. Its current portfolio comprises a total capacity of over 9.4GW around the world, including over 1.3 GW of total capacity in operations, under construction, and various development phases in Spain alone. The renewable energy producer continues expanding its platform through the acquisition and development of projects across the country and other OECD markets.
The WFW Madrid team that advised Sonnedix was led by Corporate Partner Javier Ester, working closely with Regulatory Partner David Díez, Senior Associate Fernando Santos and Associate Juan Lozano de Diego. London Projects Partner Emmanuel Ninos advised on the English law aspects of the transaction.
Javier commented: “It has been a real pleasure to work once again with Sonnedix’s top tier team on negotiating a PPA for a portfolio of their projects at an advanced stage of development in Spain. The Spanish PPA market, which has been growing exponentially in recent years, is now highly relevant to both domestic developers and international electricity companies. WFW is one of the leading law firms in the renewables sector with unrivalled experience in negotiation complex long-term PPAs”.