EDP Renewables advised by King & Wood Mallesons on onshore wind portfolio sale
EDP Renewables Europe instructed King & Wood Mallesons on the sale of a 49 per cent stake in a portfolio of 23 onshore wind projects in Spain, Portugal, France and Belgium.
The stake was sold to Vortex – a fund led by Middle East investment bank EFG Hermes – for €550 million. The deal is expected to be completed by the end of the second quarter of this year.
The King & Wood Mallesons team was led by Madrid Corporate partner Roberto Pomares. The team also included partners Alberto Ruano and Gonzalo Olivera, as well as senior associates Teresa García, Pablo Tejerizo, and Alberto Artés. Associates Gonzalo Fernández, Alba Díez and Covadonga Pérez also advised on the transaction.
Pomares said: “The Spanish renewables market has benefitted from growing investor interest as a result of a new focus on renewable energy generation in the region, encouraged by the growing maturity of the sector and the promise of policy stability.”
EFG Hermes was advised by Linklaters, Shearman & Sterling and Stibbe, according to Mergermarket.
EDP Renewables Europe was also advised by Portuguese firm MLGTS on the deal.