Clifford Chance advises China Three Gorges Europe on acquisition of 181 MW portfolio of operating windfarms in Spain – EQ Mag Pro
Leading international law firm Clifford Chance has advised China Three Gorges (Europe) S.A. (CTGE) on the 100% equity stake acquisition of a 181 MW operating wind portfolio from EDP Renováveis, S.A. (EDPR) for an enterprise value of approximately €307 million (US$ 351.4 million) (subject to customary closing adjustments).
The transaction comprises 12 wind farms located in Spain, with an average age of 12 years, all but one operating under a 20-year regulated remuneration scheme. The transaction is subject to regulatory and other customary precedent conditions.
The transaction allows CGTE to boost its existing renewables portfolio in Spain to 23 wind farms and 14 solar plants, which are managed by a highly experienced management team, mostly made up of local experts.
CTGE is part of China Three Gorges, which is the largest clean energy group in China and the largest hydropower enterprise in the world.
The team advising on the acquisition was led by partner Terence Foo and supported by counsel Bao Fang, and associates Chen Jianxiong and Liu Jingxuan in China and partner Samir Azzouzi, senior associates Eugenio Fernandez-Rico and Jose Maria Vilaseca, and associates Pablo Cancelo and Álvaro Cabaleiro in Spain.
Foreign direct investments and antitrust advice was provided by partner Bai Yong, counsel Man Dayu, associate Lan Nan and trainee Gao Shuai in China and partner José Luis Zamarro, counsel Begoña Barrantes, and associates Marc Casas, Clara Iglesias, and Carla Teixidó in Spain.
The financing team was led by partner Vicky Ma in Hong Kong and supported by senior associate Eugenio Fernandez-Rico, associates Pablo Cancelo and Álvaro Cabaleiro in Spain and senior advisor Wang Yi in Luxembourg.
Terence said, “We are pleased to have supported China Three Gorges on its investment in the Iberian renewables market which will support energy transition in Spain. This comes off the back of our firm acting for China Three Gorges on several recent deals, including the financing of China Three Gorges Europe’s acquisition of a 572 MW solar portfolio in Spain from X-Elio. Our best wishes to the China Three Gorges Europe team as they build up a solid renewable energy business in Spain.”