Simmons advises British Petroleum on JV with Iberdrola
Simmons & Simmons has advised Brtish Petroleum on its entry into a joint venture (JV) with Iberdrola. The firms spanish team included Ignacio Dominguez (spanish M&A), Alejandro Guerrero (competition), Alfonso Fernandez-Puebla (spanish real estate) and Juan Martinez (spanish regulatory).
The JV is being established with a view to the parties investing approximately €1 billion in electric charging infrastructure across Spain and Portugal. It is expected to deploy 11,700 fast-charge points by the end of the decade, through a company that is 50% owned by Iberdrola Clientes and by bp’s Spanish subsidiary BP Energia. The company will, in turn, incorporate a 100% owned Portuguese subsidiary to carry on its business in that jurisdiction.
The Simmons team was led by corporate partner Steph Featherstone (UK Corporate/M&A group), assisted by managing associate, Kim Farrar (UK Corporate team). The team also included partners Patrick Wallace (transactional and technical energy expertise, London partner), Ignacio Dominguez (spanish M&A), Alejandro Guerrero (competition), Alfonso Fernandez-Puebla (spanish real estate) and Juan Martinez (spanish regulatory).
Iberdrola offers comprehensive mobility services to cover the needs of electric vehicle users and leads the public charging infrastructure in Spain and Portugal – with more than 3,500 points in operation and others under development.
Bp aims to rapidly expand its EV charge points globally and continues to invest in rapid and ultra-fast charging. Customers already have access to its European network of over 10,000 charge points, which are mainly in the UK and Germany. Completion of the JV is conditional and is, amongst other things, subject to anti-trust and other regulatory clearances.