Pérez-Llorca, Uría counsel on Glenmont´s PV acquisition from Grupotec
Pérez-Llorca has advised Glenmont Partners on its largest ever PV investment in Spain from Grupotec, represented by Uría Menéndez
Glennmont Partners, owned by Nuveen, has announced the investment in a 473MW solar photovoltaic portfolio in Central and Southern Spain from Grupotec. The transaction, one of the largest of its kind this year, was agreed in August 2021 with the Spanish developer and EPC contractor Grupotec.
Grupotec will continue to partner with Glennmont on the construction and operations side, utilising their expertise in building over 1GW of solar power in the last 14 years, including 650MW in Spain. The projects will be built using Tier-1 solar technology partners.
The 473MW portfolio marks the latest milestone for Glennmont’s Clean Energy Fund III following the launch of BNZ, Glennmont’s new independent power producer (IPP) that plans to deploy 1GW of solar PV across Southern Europe bringing Glennmont’s total development pipeline of solar PV to over 1.5GW.
The PPA structuring of the workstream is well progressed in conjunction with top tier counterparties and is due to be signed throughout the construction phase.
Joost Bergsma, CEO and co-founder of Glennmont said: “Spain represents a key target geography for Glennmont, where we have a strong understanding of the renewable energy market that enables our expert team to identify and secure assets which in turn provide stable returns for our investors.”
Cesar Moreyra, co-founder and CEO of Grupotec said: “Solar PV is a fast-growing market worldwide, and this transaction helps to consolidate the value created in the Spanish market, which enables us to focus on other key markets and accelerate our business plan to develop over 1GW of solar PV in Italy, UK, Mexico, Chile and Colombia.”
For the transaction, Glennmont had Perez Llorca as legal advisers, Everoze as technical advisers and PWC as tax and finance advisers. Glennmont was also supported by Exus Partners, who will support the oversight of the final stages of development. Grupotec had Uría Menéndez as legal advisers, Enertis as technical advisers and Astris Finance and Augusta & Co as financial advisers.
Pérez-Llorca advised Glennmont with a team formed by Corporate partner Alejandro Alberte (pictured first left), along with Corporate lawyers Lucía Rodríguez and Paula Álvarez de la Ballina, Public and Regulatory partner Ana Cremades (pictured second left) and Pubic and Regulatory lawyer Belén Wert.
Uría Menéndez advised Grupotec with a team comprising Valencia office M&A, Finance, Energy Law partner Francisco Martínez Boluda (pictured secong right), Madrid office , M&A, Finance, Energy Law partner Juan Ignacio González Ruiz (pictured first right), Madrid office M&A Internacional counsel Alex Bircham and Valencia office M&A, Finance, Energy Law associate Abel Baselga Castells.