WFW advises Plenium Partners on €250m PV portfolio acquisition and financing

Watson Farley & Williams has advised Plenium Partners on the acquisition and related financing of an operating PV portfolio with a total capacity of 30MW

The portfolio comprises three plants located in Extremadura, Spain. The €250 million transaction, which involved different sellers and took place in several phases, was closed on 29 June 2021.

The transaction consisted of two purchase processes of the corresponding companies. WFW carried out the due diligence process, as well as the drafting and negotiation of the SPA and several other ancillary agreements, as well as the closing of the transaction. The project financing was negotiated with an international bank and a group of lenders.

Plenium is an independent investor, asset manager and operator in the renewable energy sector. Plenium currently co-owns and manages one of the largest operating renewable energy portfolios in Southern Europe, with 2.2 GW of photovoltaic, wind, hydro and thermal assets in Spain, Italy and Portugal.

The multidisciplinary WFW Energy team advising Plenium was led by María Pilar García Guijarro, managing partner of the Madrid office and Corporate partner, in collaboration with Finance partners José María Anarte in Madrid and Thomas Hollenhorst in Hamburg. The advice was also provided by Román Pazos, senior Corporate associate in Madrid, Roman Schneider, Finance associate in Hamburg and Iñigo Bastarreche, Finance associate in Madrid.

María Pilar (pictured left) commented: “It has been a great pleasure to support Plenium in this complex transaction by offering our comprehensive advice in several jurisdictions. Our full-service team can advise our clients wherever they need us, and we look forward to working with Plenium Partners again on future transactions.”

José María added (pictured right): “The Finance department has managed the transaction in excellent coordination with our Commercial colleagues, taking into account all the issues arising from the existing financing. The closing of this transaction confirms once again our expertise in the renewable energy sector in Spain, both locally and internationally.”