Saturday, March 25, 2023

Latham, Uría, KPMG advise on Repsol´s €580m acquisition of Asterion Energies

Latham & Watkins and KPMG Abogados have advised Repsol on its acquisition of Asterion Energies from European infrastructure fund Asterion Industrial, represented by Uría Menéndez, for €580 million


Repsol has signed the acquisition of Asterion Energies from European infrastructure fund Asterion Industrial for €560 million plus up to €20 million in contingent payments. The transaction is an important milestone in Repsol’s ambition to become a global player in renewable energy and strengthens the company’s position in key markets in Europe.

Asterion Energies manages a portfolio of renewable projects mostly under development totaling 7,700 megawatts (MW) in Spain (84%), Italy (12%), and France (4%), all of which are stable markets with high development potential. 

Asterion Energies’ asset portfolio includes 4,900 MW of PV solar and 2,800 MW of wind generation, of which 2,500 MW are at an advanced stage of development or under construction. In addition, Asterion Energies has an expert team with experience in the development of renewable and power storage assets that will be incorporated into Repsol’s ambitious growth project in this business.

For Josu Jon Imaz, CEO of Repsol, “we are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy”.

Jesus Olmos, Chief Executive Officer of Asterion Industrial: “We are proud to have created this European platform from scratch and to have achieved exponential growth over the last three years. We are convinced that Repsol is the ideal partner to continue this growth story and so contribute to the energy transition.” 

The operation is subject to standard approvals for this type of transaction.

Latham & Watkins advised Repsol with a core team formed by partners María José Descalzo and Ignacio Pallarés and associate Lucía de Bustos. The Labour team included partner Naiara Rodríguez-Escudero, associate Guillermo Ruiz de Salazar and trainee María Goñi, along with associate Léo Theillac in France. The Regulatory team was formed by counsel José María Alonso and associate Leticia Sitges, with counsel Cesare Milani, trainee Irene Terenghi and associate Edoardo Cassinelli in Italy. The Tax team was made up of partner Iván Rabanillo and associate Juan Rodríguez. The team also included associates Christos Ierna and Emma Dalle Nogare in France and associate Margherita Vitale y Edoardo Delzanno in Italy.

From left to right, starting from the top: Manuel Echenique, David López Pombo, Guillermo del Río, Susana Serrano, Adrià Riba, Alfonso Reimunde and Casilda Campuzano

Uría Menéndez advised with a Madrid M&A-Private Equity team formed by partner Manuel Echenique Sanjurjo, Tax partner David López Pombo, principal associate Guillermo del Río, senior associate Susana Serrano de Frutos, Tax senior associate Adrià Riba Lozano, and junior associates Alfonso Reimunde and Casilda Campuzano García-Espejo.

Pilar Garcia Molinero and Nikolay Iliev

KPMG Abogados acted for Repsol to perform both Tax Due diligence work and Tax structuring in the acquisition of Asterion Energies, with a team led by Pilar Garcia Molinero, partner M&A Tax, Nikolay Iliev, Senior Manager M&A Tax, Marina Arribas, associate M&A Tax and Cecilia Canosa, staff M&A Tax.

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