WFW and GA_P advise on Velto’s €1.1bn acquisition of 260MW Spanish PV portfolio
Velto Renewables, backed by La Caisse (formerly CDPQ), has announced the acquisition of a portfolio of regulated photovoltaic projects with an installed capacity of 163 MW in Spain from Helia II FCR, a renewable asset investment vehicle launched in 2018 by Bankinter Investment SGEIC and its partner Plenium Partners. At the same time, Plenium Partners has added a 97 MW photovoltaic portfolio it owns to the overall transaction with Velto.
Both portfolios comprise a total of 53 assets in operation, distributed across various regions of the country, with an approximate installed capacity of 260 MW. The total value of the transaction amounts to approximately €1.1 billion.
The projects generate more than 360 GWh per year, avoiding the emission of 36,400 tons of CO₂, and produce enough energy to supply nearly 100,000 homes, equivalent to the residential consumption of cities such as Pamplona or Santander.
The transaction with Velto Renewables described is subject to receiving the necessary regulatory approvals and the usual closing conditions for a transaction of this nature.
Advisors
Watson Farley & Williams has advised Velto Renewables (Velto). The multidisciplinary Madrid team that advised Velto was led by WFW Energy Sector Head – Europe & Americas and Madrid, Office Head and Corporate and M&A partner María Pilar García Guijarro and Corporate and M&A partner Javier Ester. Also, they were supported by senior associate Jaime Salazar and associates Daniel Schaub, Teresa Baselga, Paul Stone, Cristina Martínez, Helena Rubert and Paula García. Regulatory advice was provided by counsel Lidia Fernández, senior associate Ignacio Soria and associates Isabel Rodríguez de Codes, Miguel Rubio and Carlota Díaz. Isabel Rozas and Rocío Sebastián de Erice provided real estate expertise.
Gómez-Acebo & Pombo advised Helia Renovables II, F.C.R. and Plenium Partners. The team was made up of Verónica Romaní, Diego Martínez Colino, and Laura Rey, partner and associates of the Energy team. In addition, it had the support of Juan Pérez, Andrea González-Novo, Juan Reynolds, and Carla Logroño from the Banking and Finance team; Roberto Bustamante, Manuel Ramos, Paula García, and Álvaro Obregón from the Public and Regulated Sectors team; Carmen García, María García, and Jacobo Alapont from the Real Estate team; and Rodrigo García and Nicolás Otero de Navascués from the M&A team.
