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Wednesday, April 17, 2024

Garrrigues, Clifford guide Audax-Shell Energy strategic agreement

Garrigues has assisted Audax Renovables, a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in seven countries, with the signing of a strategic agreement with Shell Energy Europe Limited, represented by Clifford Chance, to supply electricity and gas in Spain

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Through this agreement, Audax ensures a competitive supply of electricity and gas, a strategic advantage for sustainable and profitable growth.

The agreement ensures better access for Audax to forward-looking positions than going directly to the wholesale market and will immediately improve Audax’s cash position while boosting its competitiveness in the market to offer product differentiation to its customers.

The strategic agreement, which improves Audax’s competitiveness in the Spanish market, also represents a new impetus for achieving the goals of its strategic plan based on the vertical integration of its generation and supplying activities and on a solid financial position.

For José Elías, chairman of the Audax group: “This partnership demonstrates the company’s unswerving commitment to its customers and shareholders to guarantee an efficient energy supply by optimizing our management with a thoughtful cost control strategy and interesting growth opportunities. The deal, which has an immediate impact on our cash position, will also give us a greater competitive advantage in a complex market environment and allow us to grow steadily without worrying about market price fluctuations.”

Garrigues advised Audax with a team led by partner Naiara Bueno, senior associate Arturo Noguer and associate Adolfo Bujarrabal.

From left to right, starting from the top: José Guardo, Marta Ruiz, María González and Angel Muñoz

Clifford Chance advised Shell Energy with a Global Financial Markets team formed by partner José Guardo, and lawyers Marta Ruiz, María González and Ángel Muñoz.

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