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Thursday, February 22, 2024

Dentons advises Aquila Capital on 100MW solar portfolio acquisition

Dentons has advised Aquila Capital, a German investment management and sustainable asset development company, on the deal to purchase a 100 MW solar portfolio in southern Spain from Greek industrial group Mytilineos

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With the transaction, Aquila acquires, through its Renewables Development and Storage Business Unit (RSD), two solar plants, each of 50 MW, which will be commissioned by the end of this year.

The solar plants, located in Jaén and Almería and still under construction, are expected to produce 200GWh of 100% clean energy per year. This type of transaction confirms Spain’s growing importance as one of Europe’s leading solar PV markets.

The transaction is an important step in the settlement strategy of Aquila Capital, which already manages wind, solar PV, and hydro assets of more than 13 GW of capacity, of which more than 8 GW are in Southern Europe. Spain is a key market for the German fund manager, where the company has a portfolio of more than 60 projects under development, construction, or in operation.

For its part, Mytilineos has a strong international presence on five continents and its exports to foreign markets account for more than 2 % of total Greek exports. It has a portfolio of PV and storage projects in various stages of development exceeding 4 GW in Iberia, Italy, the UK, Cyprus, Romania, Chile, Australia and South Korea.

Dentons´ team advising on this deal was led by partner and head of the Energy practice Fermín Garbayo, along with associates Mario Sáez de Bascuñana and Almudena Gurpegui, and with the support of the rest of the areas involved: Finance, with counsel Luis Belart, Real Estate, with counsel Itxaso López, Public Law, with associate Natalia Palomar and Tax, with partner María Cortizas and associate Diego Carrera.

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