EY and Hogan Lovells advise on the sale of Enso
First Sentier Investors (FSI), through its infrastructure arm Igneo Infrastructure Partners, has acquired 100% of ENSO, a leading Spanish biomass company, marking a significant step in the renewable energy sector. The transaction includes ENSO’s Spanish assets under Gestamp Biomass and its Portuguese operations via Magestop.
ENSO, previously owned by Tikehau Capital’s T2 Energy Transition Fund in partnership with Total SA, specializes in the engineering, development, financing, and operation of biomass electric, thermal, and cogeneration plants. With a current operational capacity of 200 MW and plans to develop an additional 400 MW over the next three years, the company plays a crucial role in industrial decarbonization across Spain and Portugal. ENSO produces over 100,000 MWh of renewable energy annually and manages a portfolio aimed at reducing 500,000 tons of CO2 emissions each year.
The acquisition complements Igneo Infrastructure Partners’ energy portfolio, which includes Portugal’s second-largest renewable energy producer, Finerge, and various infrastructure assets managed through Noae Investments. Enso’s CEO, Elías Hernández, will continue to lead the company’s growth and sustainability initiatives, providing services to clients such as García Carrión, Solvay, Acor, and International Paper.
Advisory Teams Involved
EY advised Igneo Infrastructure Partners on the tax and financial aspects of the transaction. Key members of the team included Araceli Sáenz de Navarrete (partner) and Iñigo Rubio (manager) on tax advisory, while Luis Gago (FDD partner), Andrew Morris (FDD director), Javier Garcia Seijas (model audit partner), and Pedro Delgado (model audit senior manager) led the financial due diligence and model audit services.
Hogan Lovells advised Tikehau Capital on the sale, with its private equity team consisting of Graciela Llaneza, Hugo Muñoz, and María Gutiérrez. regulatory advice was provided by Fernando Calancha and Raúl Matute, with Alejandro Moscoso handling tax aspects. The firm previously advised Tikehau Capital on its acquisition of Enso in 2019, facilitating its transformation into Spain’s leading decarbonization platform.
