Linklaters and EY Abogados have advised Credit Agricole Assurances and Energy Infrastructure Partners AG on the €905m acquisition of a 25% stake in Repsol Renovables from Repsol.
Repsol currently has 1.6 GW of renewable capacity installed in Spain, the United States and Chile and expects to reach 6 GW by 2025 and more than 20 GW by 2030.
It also has 700 MW in operation in hydroelectric plants, inherited from Viesgo, from which it bought in 2018 a portfolio of low-emission generation assets totalling 2,350 megawatts, including those belonging to combined cycle gas plants.
This operation has been approved for €905m, but the funds will also assume part of a debt, so the final valuation of the division will be €4,383m, including liabilities and minority interests.
This deal represents Credit Agricole’s second transaction in spanish renewables. A few months ago, it joined forces with France’s Engie to acquire Eolia for more than €2m.
The team from Linklaters advising Credit Agricole was led by the Corporate Partner, Carmen Burgos (pictured), with José Luis Ruiz, Moisés Benbunan and Alina Martiniva (Corporate); Alejandro Meca and José Alarcón (Tax); Roberto Sánchez and Gonzalo Sanz (Public Law).
The tax team from EY was led by partners Elena Sánchez and Manuel Paz, with Diego Montoya, Monica Garcia, Alvaro González Arias, Bernardo Reus and Ignacio Bailo. The financial services team was led by partner Luis Gago and made up of Luis Barrero and Miguel Duran, while the infrastructure project team was led by Javier García Seijas with David Arman.
Freshfields Bruckhaus Deringer and Baker McKenzie advised Repsol.