EY, Linklaters and HSF advise on the sale of 49% of Bruc’s 1,066 megawatts portfolio to Interogo Holding

EY, Linklaters and Herbert Smith Freehills have advised on the sale of 49% of Bruc’s 1,066 megawatts portfolio to Interogo Holding. EY has advised Bruc, Linklaters has advised OPTrust, Universities Superannuation Scheme (USS) and the renewable energy company Bruc while Herbert Smith Freehills has advised Interogo Holding, via its infrastructure fund Inter Infrastructure Capital (IIC).

Image: from left to right: Silvia Alonso (EY partner), Jose Giménez (Linklaters partner), Alejandro Meca (Linklaters partner), Lara Hemzaoui (Linklaters partner), partner from HSF Iria Calvino and of counsel Miguel Fraga.

Interogo, the holding company of the foundation of the owners of Ikea, has reached an agreement to acquire 49% of a portfolio of solar photovoltaic generation assets from renewable energy company Bruc. This portfolio comprises a total capacity of 1,066 megawatts (MW), including both operating assets and those under construction. With this transaction, Interogo becomes Bruc’s third international shareholder, joining the pension funds OPTrust and Universities Superannuation Scheme (USS).

Bruc is a renewable energy company that manages a portfolio of 8,500 MW in Spain, of which over 1,000 MW are already in operation or in an advanced phase of construction.

The team of EY Abogados was led by partner Silvia Alonso, together with Matilde Gómez (manager) and Joaquín Latorre (senior).

The Linklaters cross-practice and multi-jurisdictional team (London and Madrid) included corporate, financial sponsor and energy & infrastructure partners Ben Rodham, Francesca Matthews and Lara Hemzaoui, alongside managing associate Albert Yu with associates Santiago Menéndez, Jamie McPhie, Alberto Vilalta and junior associate Javier Montero.

The Spanish public law team was led by partner Jose Giménez, with managing associate Jorge Toral and associate Gonzalo Sanz.

The tax team was led by partner Alejandro Meca with managing associates Alexei Franks and Álvaro Albiñana and associates Natasha Davies and Marta España.

The Antitrust & Foreign Investment team was led by counsel Fredrik Lowhagen with junior associate Lucía Esteban.

The Herbert Smith Freehills was made up of a joint team across London and Madrid, led by corporate partner Sarah Pollock, and included of counsel Miguel Fraga, senior associate Eliza Eaton, and associates Victoria Herce and Tihomir Svilanovic with the due diligence led by partner Iria Calvino.

The transaction is subject to certain regulatory approvals and other customary closing conditions.