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Wednesday, April 17, 2024

Four law firms advise on Sonnedix’ 6MW PV acquisition

Eversheds Sutherland and Ashurst have advised Sonnedix on its acquisition of two operating projects, totalling 2.4MW acquired from Altano Energy, represented by Herbert Smith Freehills and Gold Abogados, and the addition of a 3.6MW plant belonging to a site where Sonnedix Spain already owned a 2.9 MW solar plant, acquired from a family-owned business

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Sonnedix, the international Renewable Energy Producer has completed the acquisition of two solar photovoltaic portfolios totalling 6MW in Spain.

The portfolios consist of two operating projects, totalling 2.4MW acquired from Altano Energy, and the addition of a 3.6MW plant belonging to a site where Sonnedix Spain already owned a 2.9 MW solar plant, acquired from a family-owned business. The three solar PV plants are under the Spanish regulatory regime.

The plants are expected to generate 8.6GWh of clean electricity during its first year of operation, which is the equivalent of powering over approximately 2600 households, avoiding the emission of over 1700 metric tons CO2 per year.

Axel Thiemann, CEO of Sonnedix, said, “With this acquisition, we raise our operational capacity in Spain to over 800MW, making it our largest operational capacity in all the ten countries where we are present” said Axel Thiemann, CEO of Sonnedix. “I am very proud of what our terrific team is achieving here, proving that Sonnedix Spain is a force to be reckoned with!”

Sonnedix currently manages over 350 solar PV plants in Spain totalling 819MW operational capacity, with over 700MW of development pipeline. Globally, the renewable energy producer has more than 9.5GW of total capacity throughout ten countries and continues actively seeking further opportunities to expand through the acquisition and development of renewable energy projects across OECD markets.

On this transaction, Sonnedix was advised by Eversheds Sutherland and Ashurst on the legal due diligence and SPA negotiation, Vector Renewables on the technical due diligence and EY on the financial due diligence. In connection with the first transaction, Altano Energy was advised by Herbert Smith Freehills Spain, Gold, and Taiga Mistral, while Haitong Bank participated as the sellers’ advisors on the other transaction.

Ashurst advised Sonnedix with a team led by partner Andrés Alfonso, together with associates María López Garayalde and Pedro Díaz.

Eversheds Sutherland Spain advised Sonnedix with a team led by partner Carlos Pemán.

Gold Abogados advised Altano with partner Israel Gómez-Caro.

Herbert Smith Freehills Spain advised Altano with a team led by partner Alberto Frasquet.

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