Evergreen counsels Odpenergy on PV acquisition and finance

Evergreen Legal has advised Opdenergy on the acquisition of 80% of three PV plants from Marguerite II and the financing of such acquisition under the new senior note facility closed with EIG

Evergreen Legal has advised Opdenergy on the acquisition, from the European infrastructure fund, Marguerite II, of 80% of three photovoltaic solar plants. With this transaction, Opdenergy becomes the 100% owner of the plants and increases the installed aggregated capacity to 261 MW in Spain and to 468 MW globally.

These three plants have an installed aggregated capacity of 150 MW (50 MW each). La Fernandina plant is located in Mérida (Badajoz) and has a total surface of c. 110 hectares; the Miramundo plant is located in Puerto Real (Cádiz) and has a total surface of 120 hectares; and the Zafra plant is located in Alcalá de Guadaira (Sevilla) and has a total surface of 130 hectares.

Along with the advice to Opdenergy on this M&A deal, the firm´s Banking & Finance team acted as legal counsel to Opdenergy as issuer of new senior notes arranged with EIG Global Energy up to a principal amount of up to €140 million and listed on the Frankfurt Stock Exchange, with a first issuance of €114.5 million that has been used to partially finance the aforesaid acquisition of the three PV plants, as well as the redemption of c. €70 million outstanding corporate bonds issued in Euro and U.S. dollar. EIG was assisted by Allen & Overy on this deal, as announced by Iberian lawyer on March 30.

Evergreen team was led by M&A partner Ignacio Freire (pictured left), assisted by senior associate Luis Vegas, and Banking & Finance partner Alberto Campo (pictured right), assisted by of counsel Yurena Medina.