Watson Farley & Williams (“WFW”) advised Velto Renewables (“Velto”) on its €1.1bn upcoming acquisition of a 260 MW regulated operational photovoltaic (PV) portfolio in Spain from Plenium Partners and Bankinter Investment.
Velto will acquire 163 MW of regulated PV projects from Helia II FCR, an investment vehicle promoted by Bankinter Investment and Plenium Partners. In addition, Plenium Partners added 97 MW of its own portfolio to the deal. The two portfolios comprise 53 operational assets with a total capacity of approximately 260 MW.
Velto is an international renewable energy producer that develops, builds and operates projects with a long-term vision. Founded in 2020, it is backed by global investment group La Caisse (formerly known as CDPQ). Founded in 2007, Madrid-headquartered Plenium Partners is an investment firm specialising in sustainable energy and infrastructure assets across Europe. Bankinter Investment has successfully launched 28 alternative investment vehicles, with committed capital from investors exceeding €5.1bn over the past nine years.
The multidisciplinary WFW Madrid team that advised Velto was led by WFW Energy Sector Head – Europe & Americas and Madrid, Office Head and Corporate and M&A Partner María Pilar García Guijarro and Corporate and M&A Partner Javier Ester. They were supported by Senior Associate Jaime Salazar and Associates Daniel Schaub, Teresa Baselga, Paul Stone, Cristina Martínez, Helena Rubert and Paula García. Regulatory advice was provided by Counsel Lidia Fernández, Senior Associate Ignacio Soria and Associates Isabel Rodríguez de Codes, Miguel Rubio and Carlota Díaz. Isabel Rozas and Rocío Sebastián de Erice provided real estate expertise.
María Pilar commented: “We are proud to have advised Velto on one of the largest energy transactions in Spain in recent years. Once again, we have supported our clients on strategic M&A transactions key to advancing Spain’s energy transition”.
Javier commented: “This deal demonstrates the effectiveness and agility of our team in navigating complex transactions to deliver results with speed and precision”.
