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Thursday, February 2, 2023
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KWM advises Hispasat on its investment in Grupo Sylvestris

KWM Spain has advised Hispasat on the acquisition of a 10.85% stake in Grupo Sylvestris, a reforestation company also owned by Fundación Repsol

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Hispasat has taken a 10.85% stake in the capital of the reforestation company Grupo Sylvestris to promote, together with Fundación Repsol, also a shareholder in the company, the development of solutions for measuring carbon dioxide (CO2) capture and certifying reforestation projects in the energy company’s Green Engine programme, which aims to replant 70,000 hectares.

Repsol’s chairman, Antonio Brufau, said in a meeting with the media that Hispasat’s entry into the project “will provide rigour and control”, thanks to the use of technology to accurately measure the impact of this type of action.

The Green Engine project focuses on replanting land that has not been forested for 30 years or that has suffered from fires, and already has projects totalling more than 2,000 hectares. With this project, the energy company seeks to contribute to offsetting the carbon footprint of other companies and to boost the rural economy by creating thousands of jobs.

The CEO of Hispasat, Miguel Ángel Panduro, has detailed that the contribution of the satellite company as a partner will also address the development of solutions to prevent fires in the areas of action, sensorisation of rural areas and the provision of satellite connectivity.

The King & Wood Mallesons team advising Hispasat on this transaction was led by Corporate partner Roberto Pomares Botana, who was supported by associate Laura Varela Correa.

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