CDPQ’s €265 Million Acquisition Of Terna Group’s Portfolio Of Power Transmission Assets In Latin America

Terna Group was assisted by Santander Corporate & Investment Banking as financial advisor and by Curtis, Mallet-Prevost, Colt & Mosle, Philippi Prietocarrizosa Ferrero DU & Uria, Veirano and Posadas, Posadas & Vecino as legal advisor. Pinheiro Neto, Rebaza, Alcázar & De las Casas and Ferrerere served as legal advisor to CDPQ.

Terna S.p.A., Terna Plus S.r.l. and Terna Chile S.p.A. (collectively “Terna Group”) signed an agreement with CDPQ, a global investment group, for the sale of 100% of Terna Group’s portfolio of power transmission assets in Brazil, Peru and Uruguay, for an equity value of over 265 million euros.

Terna’s recently constructed, state-of-the-art transmission network in Latin America extends approximately 1,200 kilometres in three countries, Brazil, Peru and Uruguay. Thanks to significant investments in the region over the past five years and leveraging of its core expertise, Terna Group has contributed to the sustainable development of resilient and fully digitalized infrastructure, with the involvement of local communities.

The acquisition of these key assets will enable CDPQ to enter the Latin American energy transmission market, with a strong management team in place capable of pursuing growth opportunities, and in a manner consistent with its climate strategy and its objective of achieving a 60% reduction in the carbon intensity of its portfolio by 2030.

The closing of the deal is planned to occur in multiple steps, for the most part in the second half of 2022, subject to the fulfillment of certain customary conditions.

Curtis, Mallet-Prevost, Colt & Mosle acted with a team led by partner Dino Dima (Picture) assisted by associates Simone Castelli, Francesca Angelilli, Andrea Ferrara Fierro and Erica Sotgiu.

In Perù, Philippi Prietocarrizosa Ferrero DU & Uria advised Terna with Rafael Boisset, Raúl Vizcarra Castillo, Alessandro Mussio, Alexa Adriazola and Romina Stucchi López Raygada.

In Brazil, Veirano advised Terna with Robson Goulart Barreto, Tiago Kümmel Figueiró, Ian De Porto Alegre Muniz and Juliana Costa.

In Uruguay, Posadas, Posadas & Vecino advised Terna with Tomás Gurmendez, Diego Cuenca, Diego Gamarra, Karina Souza, Magdalena Cuñarro and Jacinta Inciarte.

In Perù, Rebaza, Alcázar & De las Casas advised Caisse de dépôt et placement du Québec (CDPQ) with Luis Miguel Elías, Fiorella Atoche, Diego Price, Alejandra Gálvez and María José García.

In Uruguay, Ferrere advised Caisse de dépôt et placement du Québec (CDPQ) with Manuel Lecuona, Agustina Pérez Lete, Enrique Slekis, María Victoria Costa and Ana Laura Oliveros.

In Brazil, Pinheiro Neto Advogados advised Caisse de dépôt et placement du Québec (CDPQ) with Eduardo Paoliello, Roberta Stettinger Bilotti Demange, Jorge F. Lopes, Gabriella Lima Florner, Ana Beatriz Passos dos Santos and Laís Falco Correa.

Involved fees earner: Francesca Angelilli – Curtis Mallet-Prevost Colt & Mosle LLP; Simone Castelli – Curtis Mallet-Prevost Colt & Mosle LLP; Dino Dima – Curtis Mallet-Prevost Colt & Mosle LLP; Andrea Ferrara Fierro – Curtis Mallet-Prevost Colt & Mosle LLP; Erica Sotgiu – Curtis Mallet-Prevost Colt & Mosle LLP; María Victoria Costa – Ferrere Attorneys; Manuel Lecuona – Ferrere Attorneys; Laura Oliveros – Ferrere Attorneys; Agustina Pérez Lete – Ferrere Attorneys; Enrique Slekis – Ferrere Attorneys; Alexa Adriazola – Philippi Prietocarrizosa Ferrero DU & Uría; Rafael Boisset – Philippi Prietocarrizosa Ferrero DU & Uría; Alessandro Mussio Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Romina Stucchi – Philippi Prietocarrizosa Ferrero DU & Uría; Raúl Vizcarra Castillo – Philippi Prietocarrizosa Ferrero DU & Uría; Gabriella Lima Florner – Pinheiro Neto; Jorge Lopes Jr. – Pinheiro Neto; Eduardo Paoliello Jr. – Pinheiro Neto; Roberta Stettinger Rossi Bilotti Demange – Pinheiro Neto; Diego Cuenca – Posadas, Posadas & Vecino; Magdalena Cunarro – Posadas, Posadas & Vecino; Diego Gamarra – Posadas, Posadas & Vecino; Tomás Gurméndez – Posadas, Posadas & Vecino; Jacinta Inciarte – Posadas, Posadas & Vecino; Karina Souza – Posadas, Posadas & Vecino; Fiorella Atoche – Rebaza Alcazar and De Las Casas; Luis Miguel Elias – Rebaza Alcazar and De Las Casas; Alejandra Gálvez – Rebaza Alcazar and De Las Casas; María José García – Rebaza Alcazar and De Las Casas; Diego Price – Rebaza Alcazar and De Las Casas; Robson Barreto – Veirano Advogados; Juliana Costa – Veirano Advogados; Tiago Kümmel Figueiró – Veirano Advogados; Ian Muniz – Veirano Advogados;

Law Firms: Curtis Mallet-Prevost Colt & Mosle LLP; Ferrere Attorneys; Philippi Prietocarrizosa Ferrero DU & Uría; Pinheiro Neto; Posadas, Posadas & Vecino; Rebaza Alcazar and De Las Casas; Veirano Advogados;

Clients: Caisse de dépôt et placement du Québec (CDPQ); Terna Plus S.R.L.; Terna spa;