Pérez-Llorca advises Sonnedix on PV portfolio acquisition

Pérez-Llorca has advised Independent Power Producer Sonnedix on the acquisition of a 74.7MW portfolio of PV plants in Spain from JZ I and Elliott

The 74.7 MW portfolio is comprised of 22 ground-mounted Photovoltaic plants, operating since 2008-2013, located in Valencia, Toledo, Sevilla, Cáceres, Murcia, Badajoz and Albacete.

Launched in July 2017, Eliantus Energy is a vehicle established by JZ International and Elliott Advisors (UK) Ltd. with a joint-equity commitment of €100 million. JZ International is a leading lower middle market pan-European private equity investor specializing in partnering with family/owner-managed businesses looking for long term growth capital.

The acquisition brings the Sonnedix Spanish portfolio to a capacity of 330.7 MWp, reinforcing the company’s position as the top solar IPP in the country, and a leading player in the solar PV generation sector.

Axel Thiemann, CEO of Sonnedix, said: “under these unprecedented times, it is with agreements like this that we deliver on our long-term commitment with the Spanish market, playing an active role in the economic recovery of the country while continuing to fulfil our purpose of harnessing the power of the sun to build a bright future.”

Sonnedix was advised by EY for Financial and Tax Due Diligence, Vector Cuatro for technical Due Diligence. JZI and Elliott were advised by PWC as financial advisor and Herbert Smith Freehills as legal advisor.

Pérez Llorca advised Sonnedix on legal matters with a team led by Corporate partner Alejandro Osma (pictured), along with Corporate associates Nasif Hamed, Patricia Alonso-Lamberti and Patricia Esteban, and Public and Administrative law counsel Ana Cremades.