Pérez-Llorca and Clifford Chance has advised on the sale by Grenergy Renovables of a solar portfolio of approximately 300 MW located in Spain to Allianz Capital Partners (on behalf of Allianz insurers and other institutional investors) for €270.6 million (enterprise value). Closing is subject to the satisfaction of certain conditions and is expected to take place in 2025.
Both plants are expected to start operations in the second half of 2024, and all energy revenues up to the closing date will accrue to Grenergy. In addition, it will carry out the operation and maintenance activities, as well as the asset management during the useful life of the plants.
Pérez-Llorca has advised Allianz with a team formed by Alejandro Osma, partner of corporate, Nasif Hamed, partner of corporate, Ana Cremades, partner of the public and administrative law department, Tobías Kálnay, corporate lawyer, Carlos Gabaldón, corporate lawyer, Roberto Funes, corporate lawyer, Isabella Dalmau, corporate lawyer and Belén Wert, public and administrative law attorney.
The Clifford Chance team has advised Grenergy Renovables with a team led by partner Luis Alonso, counsel Javier Hermosilla and associates Juan Valcárcel and Íñigo Navarrete from the corporate / M&A department. The team has been supported by corporate / M&A associate Conrado López and lawyers from different practice areas, including partner José Luis Zamarro and associate Mónica Romero (public law), senior associate Eduardo Sánchez and associate Alejandro Cubillo (global financial markets), associate Clara Ortells (real estate) and counsel Fernando Escribano (tax). From the antitrust team, counsel Begoña Barrantes and associate Clara Iglesias.
Image: From left to right: Alejandro Osma, Nasif Hamed (Pérez-Llorca corporate partners) and Luis Alonso (Clifford Chance M&A corporate partner)