Thursday, September 28, 2023

HSF advises Quercus on PV portfolio sale to BayWa, counselled by PM

Herbert Smith Freehills has advised Quercus Real Assets on the sale of ten new-build photovoltaic plants in Spain with a combined installed capacity of more than 700MW to BayWa r.e., that has been counselled by Pinsent Masons


BayWa r.e. global renewable service provider, energy developer and distributor, has been selected through an international tender process as the strategic investor for the acquisition of a Spanish PV development portfolio sponsored by Quercus, a specialist investor in renewable energy.

Quercus is an investment company operating out of Luxembourg and dedicated to the development portfolio investment. Quercus is being supported by Quercus Real Assets Limited, an investment advisor specialising in energy transition investments.

The portfolio is comprised of 11 PV development projects in Spain with installed capacity of over 700 MW, representing one of the largest portfolios available in the Spanish market of late.

The transaction, signed at the beginning of January, involves BayWa r.e. acquiring the projects when those are delivered by Quercus at a ready-to-build stage. In Spain, BayWa r.e. has been present since 2010 where it already has a track record of 378 MWp of renewable energy capacity installed, 200 MWp expected to be commissioned by the first quarter of 2022, and a pipeline of over 1.5 GW planned for delivery by 2025.

Greenhill, a leading independent investment bank with a strong track record in the Spanish renewable energy market, has acted for Quercus as its exclusive financial advisor for marketing and execution of the transaction.

“All parties involved in this complex deal have done an outstanding job and Quercus is proud to have achieved this collective result. The deal re-iterates the increasingly indispensable industrial component in the sector and we at Quercus are developing our business by further aligning ourselves in this regard.”

Diego Biasi, Director of Quercus in Luxembourg

“We are delighted to have reached this agreement with Quercus for the acquisition of this pipeline. These projects add to our well-established pipeline of solar and wind projects in Spain. The agreement marks another important step in BayWa r.e.’s contribution and commitment to driving the green energy transition in the country.”

Rafael Esteban, managing director of BayWa r.e. Projects España S.L.U.

Herbert Smith Freehills advised Quercus with a team led by partner and head of Infrastructure, Energy and Natural Resources at HSF Madrid Ignacio Paz Aboy, along with senior associates Miguel Fraga Otero and Miguel Ángel Barroso López, associate Mónica De Hevia Rodríguez and junior associate Victoria Herce Peña.

Pinsent Masons’ partners Pablo Dorronsoro Martín and Borja Martín Ariza

On the other hand, Pinsent Masons’ Energy team in Madrid has advised Baywa r.e. with a team led by partners Pablo Dorronsoro Martín and Borja Martín Ariza, and that included lawyers Marta Salazar Díaz salazar, Javier Alagón Serrano alagón, Olimpia Ortega Mélida ortega, Álvaro Estrada Reina estrada and Pedro Gila Martínez-Conde Gila.

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