China Three Gorges’ €400 Million Acquisition of Operating Renewables in Spain

KPMG Abogados, Linklaters and Allen & Overy advised on the deal.

China Three Gorges (Europe) SA has reached an agreement for the acquisition of a portfolio of more than 400 MW of operating renewables in Spain.

A consortium led by Corporacion Masaveu SA, a Spanish nearly 200-years-old family-owned business group, including Korys Investments NV, Exus Management Partners SL and Cefiro Energia SL have arranged the sale of two vehicles holding the assets for €400 million.

The portfolio contains one solar photovoltaic (PV) park and 11 wind farms, all operating under a regulated payment mechanism and collecting a premium.

With China Three Gorges being a non-EU business, the deal will need the green light from the Spanish government, a new rule that Spain introduced last year to prevent foreign investors from taking advantage of the COVID-19 crisis to buy large stakes in companies in strategic sectors, such as energy and defence.

Linklaters advised CTG with a Madrid office team led by Corporate partner Carmen Burgos (Picture) and Public Law & Regulated Sectors partner José Giménez.

KPMG Abogados advised CTG with a team led by partner Carlos Marín and partner Álvaro de Silva.

Allen & Overy advised the consortium led by Masaveu with a team led by M&A partner Íñigo del Val and including M&A senior associate Reka Palla, M&A associate Miguel Zulaica, EU and Competition Law head partner Antonio Martínez, Competition counsel Jaime Rodríguez and Public Law senior associate Leopoldo Reaño.

Involved fees earner: Inigo del Val – Allen & Overy; Antonio Martinez – Allen & Overy; Reka Palla – Allen & Overy; Leopoldo Reaño – Allen & Overy; Jaime Rodríguez – Allen & Overy; Miguel Zulaica – Allen & Overy; Álvaro Joaquin de Silva Urquijo – KPMG ; Carlos Marín – KPMG ; Carmen Burgos – Linklaters; Jose Gimenez – Linklaters;

Law Firms: Allen & Overy; KPMG ; Linklaters;

Clients: Cefiro Energia; China Three Gorges (Europe) S.A. ; Corporacion Masaveu; Exus Management Partners; Korys;

Federica Tiefenthaler

Author: Federica Tiefenthaler