Uría Menéndez-Proença de Carvalho advised Axpo Iberia on solar power purchase agreement

Uría Menéndez-Proença de Carvalho advised Axpo Iberia on the structuring of a 10-year power purchase agreement that will govern the sale of energy from a 28.8MW solar photovoltaic power plant to be developed by Hyperion in Évora, Portugal.

The energy will be sold in the Iberian wholesale market OMIE (Operador del Mercado Ibérico de Energía).

An Uría Menéndez-Proença de Carvalho statement said: “This is the largest transaction of this type to be executed in the Iberian Peninsula and the first allowing the financing of a solar photovoltaic facility without a subsidised feed-in tariff. Axpo will act as the selling agent for Hyperion’s power plant in the Iberian electricity market, providing a price guarantee until 2029, which allowed the financing of the project.”

The statement added that the project was financed by Banco BPI.

The project is expected to be completed in mid-2019 and it is estimated it will have an annual production capacity of 50 GWh (gigawatt hours).

In Lisbon, the Uría Menéndez-Proença de Carvalho  team was led by senior associate João Louro e Costa, and included senior associate Mafalda Ferreira and associate Gonçalo Andrade e Sousa. A Madrid-based Uría Menéndez team also provided advice – it was led by counsel María José Descalzo and included partner Juan Ignacio Gonzalez-Ruiz.