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Thursday, February 2, 2023
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Baker, Clifford advise on Iberdrola-Norges Bank renewables alliance

Baker McKenzie has advised Iberdrola on its alliance with a Norges Bank Investment Management, represented by Clifford Chance, to invest in 1,265 MW of new renewables capacity in Spain

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Iberdrola has signed an alliance with Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, to invest in 1,265 MW of new renewables capacity in Spain. Of the total capacity, 20% will come from wind and 80% from solar PV. Iberdrola will have a majority stake of 51% in the assets.

Both companies are joining forces to accelerate decarbonization in Spain initially and the agreement could be extended to other countries in the future. 

According to the terms of the agreement, the valuation of 100% of the assets in the portfolio amounts to approximately €1.2 billion. Iberdrola will control and manage the assets, providing operations and maintenance services, as well as other corporate services. 

Of the 1.265 MW total capacity, currently 137 MW are operational in Castilla-La Mancha and Aragón. The rest of the projects are in development in Andalusia (358 MW), Extremadura (343 MW), Aragón (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Marcha (45 MW). In total, the renewable energy portfolio will have the capacity to meet the electricity demands of more than 700,000 homes each year.

Baker McKenzie advised Iberdrola with a team formed by partners Juanjo Corral and Antonio Morales, together with lawyers Javier Mendez Fallola, Pablo García Canosa, Andrea Iraola Ajuria and Manuel Somacarrera.

From left to right, starting from the top: Juan Valcárcel, Iñigo Navarrete, Gabriel Miranda, Luis Alonso, José Guardo, José uis Zamarro, Javier Hermosilla, Elena Euba, Alba Sande and Mónica Romero
Begoña Barrantes (left), Fernando Escribano (topo cetre), Conrado López (top right), Clara Iglesias (bottom centre) and Carlos Aleixandre (bottom right)

The Clifford Chance Spain multidisciplinary team advising on the deal was led by head of Corporate / M&A Luis Alonso and Corporate / M&A counsel Javier Hermosilla, together with Corporate / M&A associates Juan Valcárcel, Íñigo Navarrete, Conrado López and Carlos Aleixandre. Partner José Guardo and associates Gabriel Miranda and Elena Euba advised on the Financing aspects. Partner José Luis Zamarro and associates Alba Sande and Mónica Romero advised on the Regulatory aspects, counsel Begoña Barrantes and associate Clara Iglesias advised on the Antitrust aspects and senior associate Fernando Escribano advised on the Tax aspects.

Iberdrola´s in-house team involved Corporate Development, Spanish Renewable Business and Legal teams with David Mesonero, César Ruipérez Cassinello, Gonzalo Baldrich Artola, Miguel Ángel Balibrea Gómez, Alfonso O’Donnell Armada, Gonzalo Cerón Hernández, Julio Castro and Carmen Vozmediano.

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