Wednesday, April 17, 2024

Law firm trio advises on Alantra Solar’s PV investment agreement with Solarig

Ashurst has advised the new investment solar platform formed by Alantra Solar (a JV between Alantra and Solar) and supported by both Swiss infrastructure asset manager Reichmuth and French asset manager Amundi Energy Transition -advised by Pérez-Llorca- on the gradual acquisition from Solarig of a portfolio of solar PV projects located in Spain and Italy with a total capacity up to 1.9 GW, with KWM providing advice on the launch of N-Sun Energy


Alantra and Solarig, who signed a long-term partnership by the end of 2021, have announced the launch of a 1.9 GW vehicle. The solar investment platform is supported by Swiss infrastructure asset manager Reichmuth and French asset manager Amundi Energy Transition as key investors.

The project consists of the following:

1. A Southern European portfolio with a capacity of 1.9 GW

The portfolio – composed of more than 50 plants – is located in Italy (approximately two-thirds of the assets) and Spain (the remaining one-third), two of the most attractive markets in photovoltaics globally with a capacity of 30GW each, driven by reputable solar photovoltaic structures, strong sector tailwinds, and favourable financing conditions.

The plants will progressively reach Ready-to-Build (RTB) status within the next 18 months and ultimately be fully operative by the end of 2025.

2. An investment vehicle to invest €1.7bn into the solar energy plants

An investment vehicle has been established to gradually acquire the portfolio’s plants for a total value of €1.7bn, of which €700m will be equity and the remaining €1bn debt. The vehicle will be named N-Sun Energy and has been created as an investment platform that is environmentally sustainable and compliant with the ESG criteria set out in the EU Taxonomy Regulation.

Alantra is raising the capital for N-Sun Energy and has partnered with infrastructure asset manager Reichmuth and leading European asset manager Amundi as integral strategic co-investors, who have committed up to €265m.

The investment vehicle will gradually acquire the plants as soon as they reach the RTB status and has completed the acquisition of the first eight plants totalling 330 MW.

Alantra Solar, the partnership between Alantra and Solarig, integrated in Alantra Asset Management, will deliver asset management services to the investment vehicle and ensure its financing capacity while implementing a distribution strategy that balances power purchase agreements (PPAs) and market sales.

This is a landmark M&A transaction in renewables in Spain and Italy.

Ashurst´s team was led by M&A and Energy partner Andrés Alfonso, assisted by his team formed by associates Beatriz Aizpun, Pedro Díaz and Macarena Lozano, and also by Tax partner Ricardo García-Borregón.

From left to right, starting from the top: Roberto Pomares, Isabel Rodríguez, Fernando Jiménez, Gonzalo Fernández, Enrique Torné, Enrique Murillo, and Laura Varela

King & Wood Mallesons advised Alantra on the launch of N-Sun Energy with a team of lawyers led by partners Roberto Pomares (Corporate) and Isabel Rodríguez (Funds). Other leading professionals who supported this transaction are counsel Fernando Jiménez (Tax), senior associate Gonzalo Fernández (Corporate) and associates Enrique Torné (Funds), Enrique Murillo (Corporate) and Laura Varela (Corporate).

From left to right, starting from the top: Pablo González Mosqueira (top left), Dídac Severino (top right), Ana Cremades (bottom left), and Jaime de Blas (bottom right)

On this deal, Pérez-Llorca has advised Amundi and Reichmuth with a Corporate team formed by partners Pablo González Mosqueira, Dídac Severino, and lawyers Ignacio Mozo, Roberto Funes, and Jorge Flores, a Public Law team made up of partner Ana Cremades and lawyer Belén Wert and Competition partner Jaime de Blas.

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