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Thursday, February 22, 2024

Clifford, Uría advise on China Three Gorges’ purchase of Nexwell Power

China Three Gorges (CTG) has reached an agreement to acquire a portfolio of 619 megawatts (MW) of photovoltaic assets from Nexwell Power in what is its largest transaction to date in Spain in terms of capacity

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Details of the price have not yet been disclosed, but sources suggest that the value of the deal is in excess of €200 million.

CTG has won the competitive process against large corporations, including Naturgy and Ferrovial. Engie also participated. The process has been advised, for the selling side, by Lazard as a financial advisor, and Uría as legal advisor. Société has acted as financial advisor to the Chinese giant in the process, which has counted on the legal services of Clifford Chance.

CTG, which is headed by Ignacio Herrero in Spain, continues to consolidate its operations in the country, where it has been involved in four major transactions, including Nexwell. It previously bought assets from EDP Renováveis, the green subsidiary of the Portuguese group, X-Elio and Corporación Masaveu. Never before has it bought so many MW in one go. Specifically, the assets to be acquired by CTG, once it obtains the relevant authorisations in this type of transaction, include 153 MW already in operation, while the rest, up to 619 MW, are projects in various stages of development.

Clifford Chance Spanish team was led by partners Eugenio Fernández-Rico, Guillermo Guardia, counsel Javier Hermosilla, and associates Pablo Cancelo, Beatriz Pérez, Marc Casas and Alba Sande and Uría Menéndez’s team was led by partner José Félix Zaldívar.

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