Law firm trio advise on CTG´s €400m renewables acquisition in Spain

KPMG Abogados, Linklaters and Allen & Overy have advised on China Three Gorges Corporation´s acquisition of 400MW of operating renewables in Spain


China Three Gorges (Europe) SA has reached an agreement for the acquisition of a portfolio of more than 400 MW of operating renewables in Spain.

A consortium led by Corporacion Masaveu SA, a Spanish nearly 200-years-old family-owned business group, including Korys Investments NV, Exus Management Partners SL and Cefiro Energia SL have arranged the sale of two vehicles holding the assets for €400 million.

The portfolio contains one solar photovoltaic (PV) park and 11 wind farms, all operating under a regulated payment mechanism and collecting a premium.

With China Three Gorges being a non-EU business, the deal will need the green light from the Spanish government, a new rule that Spain introduced last year to prevent foreign investors from taking advantage of the COVID-19 crisis to buy large stakes in companies in strategic sectors, such as energy and defence.

In this way, the Chinese state-owned company expands its presence in the Spanish renewables market, after the acquisition from X-Elio of a total of 13 photovoltaic power plants located in Spain with some 500 MW of capacity, as announced in August by Iberian Lawyer.

Linklaters advised CTG with a Madrid office team led by Corporate partner Carmen Burgos (pictured top left) and Public Law & Regulated Sectors partner José Giménez (pictured top centre).

KPMG Abogados advised CTG on the Tax Due Diligence, the deal Tax structuring and the Financial advice Tax model review with a team formed by partner head of M&A, Tax and International Tax Carlos Marín (pictured top right) and M&A Tax partner Álvaro de Silva (pictured bottom left).

Allen & Overy advised the consortium led by Masaveu with a team led by M&A partner Íñigo del Val (pictured bottom centre) and including M&A senior associate Reka Palla, M&A associate Miguel Zulaica, EU and Competition Law head partner Antonio Martínez (pictured bottom right), Competition counsel Jaime Rodríguez and Public Law senior associate Leopoldo Reaño.


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