EY, Garrigues act on €125m solar thermal sale to Q-Energy

EY Abogados has advised the sellers (Banco Sabadell, Comsa and Avançsa), on the sale of the Les Borges Blanques solar thermal plant, while Garrigues counselled Q-Energy as the buyer

Banco Sabadell, Comsa and Avançsa have sold the Les Borges Blanques solar thermal plant to the fund Q-Energy for an amount over €125 million, including debt. The plant was owned by Comsa (47.5% ), Avançsa (5%) and the remaining by Banc Sabadell.

This plant, located in Lleida, is considered the only hybrid solar thermal power plant and forest biomass in Spain and one of the first in the world of its kind.

The operation allows Sabadell to exit the asset with juicy capital gains, in addition to contributing to the refinancing of the Comsa group, of which it is also a creditor together with Santander, CaixaBank, BBVA, Unicaja and Bankinter.

From the sellers’ side, Sabadell Corporate Finance acted as financial advisor while EY Abogados acted as Legal counsel. Q-Energy was legally advised by Garrigues.

EY Abogados´s Corporate M&A team was formed by partner Simeón García-Nieto (pictured top left), senior manager José Maria Pujals (pictured middle left), and lawyers Soledad Mira (pictured bottom left) and Alejandra Pascual Fernández (pictured bottom right).

Garrigues´ team was led by partners Gonzalo Valencia (pictured top right) and Marcos Botella (pictured middle right).