Linklaters, Cuatrecasas advise on €50m Incus investment in Dominion

Linklaters has advised Incus Capital on the acquisition of a 23.4% stake in the renewables business of Dominion, counselled by Cuatrecasas

Incus Capital has invested €50M and taken a 23.4% stake in the renewable energy business, thus yielding a €213M valuation after the capital increase. Dominion has also subscribed to the capital increase with €25M. Together, this injection will finance the existing pipeline that exceeds 1 Gigawatt of power (1GW).

Since 2016, the Basque company has been developing a division wholly dedicated to the development, construction, operation and maintenance of renewable energy infrastructures. Additionally, through its associate BAS Projects Corporation, it participates in the ownership of the assets as and when they come into operation.

With this agreement, Dominion, with Mirabaud as financial advisor and Cuatrecasas as Legal advisor, takes another step towards its strategy of assigning value to its renewable energy division and guarantees the viability of the projects already in its portfolio. These are located mainly in Europe (Spain, Italy and Portugal), the Dominican Republic and Mexico.

Mikel Barandiaran, CEO of DOMINION, said: “This deal enables us to crystallize the real value of our renewable energy business while providing us with the necessary funds to continue with our ambitious roadmap for the coming years.”

Incus Capital has had the Legal advice of Linklaters and Taiga Mistral as technical advisor. Linklaters´ team was led by Commercial counsel José María López (pictured).

Cuatrecasas´ team, advising Dominion, was made up of partner Jose Ramón Berecibar Mutiozabal, and lawyers Santiago Bayo Sevilla and Daniel Acedo Ralston.