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Saturday, December 3, 2022
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Garrigues advises Verbund on renewables acquisition from Capital Energy

Garrigues has advised Austria´s Verbund on its acquisition of 70% of five renewable facilities under development in Spain from Capital Energy

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Capital Energy and Verbund have signed a contract under which the latter will take 70% of five renewable facilities under development in Spain – four in the south and one in the north. Specifically, four wind farms and one photovoltaic plant with a total capacity of 171 megawatts (MW) are being developed by the Spanish company and are expected to come on stream between the second quarter of this year and 2023. Three of the sites are also being promoted with a total of 80 MW of hybridisation. Both companies have agreed not to disclose further details of the transaction.

Verbund is Austria’s leading power utility and one of Europe’s largest hydropower companies. 97% of the electricity it generates comes from renewable sources, especially hydroelectric power plants.

Capital Energy, which has closed this transaction through its wholly owned subsidiary Capital Energy Power Vortice, S.L.U., is one of the leading operators in the development of wind and solar facilities in Spain. Born two decades ago and with experience in the development, construction and operation of assets, it is a Spanish energy company whose vocation is to become the first 100% vertically integrated renewable energy operator in the Iberian Peninsula.

Through this agreement, the first signed by both energy companies, Verbund will integrate these assets into its renewables portfolio. Capital Energy will be responsible for commissioning these renewable energy facilities, as well as, in the first phase, managing the clean energy they generate and the operation and maintenance tasks. Together, these five plants will be capable of supplying almost 400,000 megawatt hours (MWh) of clean energy per year, equivalent to the consumption of 150,000 Spanish homes[1].

“This transaction, closed with a leading European electricity company that is focused, like us, on promoting the energy transition, is part of our asset rotation policy and will allow us to continue developing, with financial independence, our ambitious 100% renewable energy project.”

Juan José Sánchez, CEO of Capital Energy

Garrigues advised Verbund with a Commercial/Corporate team led by partner Álvaro Valle, along with senior associate Luis Enrique Mata and associate Julián Belsito.

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