Friday, September 29, 2023

KWM guides Greenvolt´s €12m acquisition of 50% of Univergy

King & Wood Mallesons has advised GreenVolt – Energías Renovavéis, S.A. on the acquisition of a 50% stake in the share capital of Univergy Autoconsumo, S.L. for €12 million


GreenVolt has completed the acquisition of 50% of Univergy Autoconsumo, a company hitherto owned by Univergy Solar and Remigio Abad, former CEO of Powen, and who hold 50% of the company’s capital, GreenVolt having secured the option to purchase the entire capital.

Founded in 2019, Univergy Autoconsumo has achieved rapid growth, with a 2.5% market share in the SME and industrial customer segment. Since its founding, the company has implemented more than 400 projects, with an additional portfolio of 600 MW, across 3,500 customers. In order to accelerate its development, the company has launched a franchise network that currently has eight franchisees.

GreenVolt’s entry into Univergy comes mainly through a capital increase in the company of 12 million euros, which will enable the company to cope with the rapid growth that solar photovoltaic self-consumption has been experiencing.

“This acquisition clearly reinforces GreenVolt’s commitment to the development of self-consumption photovoltaic projects in the Iberian Peninsula, this time in the business segment. Univergy Self-Consumption has demonstrated, in the last three years, a great capacity for implementation and, we are sure, that with the collaboration with GreenVolt it will be able to accelerate its business plan, while contributing decisively to the reduction of energy costs of Spanish companies and to the generation of clean and renewable energy,” says João Manso Neto, CEO of Greenvolt.

Remigio Abad, CEO of Univergy Autoconsumo, states that “the entry of GreenVolt in Univergy Autoconsumo is a source of great satisfaction and will contribute decisively to accelerate the growth of the company and the energy transition towards renewable energy sources, extracting the potential that the Iberian Peninsula has not been able to take advantage of.”

GreenVolt – Energias Renováveis SA, a leading company in the production of renewable energy admitted to trading on PSI, the main shareholder market of Euronext Lisbon, operates in the biomass sector, in the promotion of wind and solar photovoltaic projects and in the distribution of renewable energy generation.

KWM´s team was led by partner Roberto Pomares, together with lawyers associate Victoria Ruenes, Laura Moreira, Laura Varela, César Báscones and Natalia Rodríguez

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