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Thursday, February 22, 2024

GA_P, Uría advise on Plenium Partners-BI´s PV acquisition from Lightsource bp

Gómez-Acebo & Pombo has advised Plenium Partners on its acquisition, together with Bakinter Investment, of a 247MW solar photovoltaic (PV) project from Lightsource bp, represented by Uría Menéndez

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Global solar leader Lightsource bp announced that it has agreed the sale of its 247MW solar photovoltaic (PV) project to independent renewable energy investors Plenium Partners and Bankinter Investment, supporting one of Southern Europe’s largest renewable portfolio owners to continue its growth across the sector.

The asset is a five-project cluster in Aragón, Spain, which has been in operation since 2021 and demonstrates Lightsource bp’s capability to invest in, deliver and construct quality solar sites that can support renewable growth ambitions of investors, utilities, and other asset owners.

Over the last 4 years, despite the COVID-19 pandemic, Lightsource bp’s team and presence in Spain has continued to grow at pace, reaching over 130 team members last year and a project development pipeline of over 4 gigawatts.

Plenium has closed the transaction together with Bankinter Investment, the investment banking subsidiary of Bankinter, fourth Spanish bank by stock market value. Plenium and Bankinter have completed the purchase of the portfolio through various alternative-investment vehicles participated by Bankinter’s private banking and institutional clients.

Kareen Boutonnat, CEO for EMEA and APAC at Lightsource bp, said:

“Transactions like these demonstrate our strong credentials in delivering quality constructed and operational assets as a trusted partner, supporting the renewable ambitions of Plenium Partners and Bankinter Investment. In Spain, Lightsource bp continues to move at pace to further progress our gigawatt-scale project development portfolio and the growth of solar required to deliver on national targets.”

EY was appointed as financial advisor and Uría Menéndez as legal advisor by Lightsource bp for this transaction Gómez-Acebo & Pombo was appointed as Plenium and Bankinter’s legal advisor.

GA_P advised Plenium Partners and Bankinter with a team led by Energy head partner Verónica Romaní.

Uría Menéndez advised Lightsource bp on the deal as well as on the cancellation of the senior debt and release of the related security package with a team formed by M&A-Private Equity partner Francisco Martínez Boluda (Valencia), M&A-Private Equity senior associate Aina Valls Bolta (Valencia), M&A Private Equity associate Cristina Moreno Martínez (Madrid), M&A-Private Equity junior associate Carlos Verdera Busutil (Valencia), Tax counsel Luis Suárez de Centi (New York), Tax associate Alberto Linares Obarrio (Madrid) and Regulatory partner Manuel Vélez Fraga (Madrid).

Both Romaní and Martínez Boluda were recognised by Legaldealmaker as Top Energy Legal Dealmakers in 2022.

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