L&W advises owners on the sale of Torresol to Q-Energy
Latham & Watkins has advised Sener and Masdar on the sale of Torresol Energy to Q-Energy
Spanish company Q-Energy has acquired renewables firm Torresol Energy, which owns three solar thermal plants with a combined capacity of 120 MW in southern Spain.
Torresol Energy Investments S.A. was set up in 2008 through a partnership between Sener, which had a 60% stake, and Masdar, the Abu Dhabi government’s renewable energy company, a subsidiary of Mubadala, the sovereign wealth fund of Abu Dhabi, which managed the remaining 40%.
The operation includes the sale of three solar thermal power plants in Andalusia with a capacity of 120 NW, located in Seville and Cadiz, in addition to the company operating the plants, Torresol OM. The solar portfolio consists of the 20-MW Gemasolar plant, the world’s first of its kind to use a central tower receiver, and the Valle 1 and 2 parks, each with 50 MW of capacity. All the plants have thermal storage systems.
The purchase was made through the Q-Energy IV fund, the fourth vehicle managed by Q-Energy, which is positioned after this operation as the main investor and manager of solar plants and wind farms in Spain and Germany.
Latham & Watkins advised Sener and Masdar on the sale with a multidisciplinary team from the firm’s Madrid office led by Commercial partner Ignacio Pallarés (pictured left) and Commercial counsel Ignacio Domínguez (pictured right), along with counsel and head of Public Law area José María Alonso, and associate Carmen Esteban.