Monday, September 25, 2023

Montero|Aramburu advises Viridi and Solar Ambition on 500 MW PV sale

Montero|Aramburu has advised the German companies Viridi RE Development GmbH and Solar Ambition Europe GmbH (subsidiary of Green Enesys Group) on the development, structuring and sale to Aquila Capital of a 500 MW solar photovoltaic portfolio under development in Spain


German investment and asset development company Aquila Capital has signed an agreement with Viridi RE and Solar Ambition, a subsidiary of Green Enesys Group, to acquire a 500MW solar photovoltaic (PV) portfolio in Spain.

Under the terms of the deal, Viridi RE and Solar Ambition will work on the solar portfolio, which is currently in development, until the assets achieve ready-to-build status.

The agreement includes the development of the portfolio by Viridi RE Development GmbH and Solar Ambition Europe GmbH until RtB status is reached.

Once fully operational, the solar projects will have the capacity to generate enough clean energy to power 300,000 households in Spain. They will also have the potential to offset more than 390,000t of carbon emissions a year.

“The agreement with Viridi RE and Solar Ambition for the 500MW solar PV projects marks another step in our commitment to generate clean energy and contribute to reaching a net-zero carbon economy. It also highlights the importance of the Spanish renewable market for our growth strategy in southern Europe.”

Andrew Wojtek, Aquila Clean Energy Europe, Middle East and Africa (EMEA) Investment Management head

Montero|Aramburu served as legal advisor for the two companies on the sale and transfer of the 500 MW portfolio with an Energy multidisciplinary team led by Corporate partner Miguel Cuesta Boothman, working closely with the Public law & Regulatory Sectors partner Ignacio Albendea, Tax senior associate Felipe Fernández Sacristán, Corporate senior associate Rebeca Cuesta and Corporate lawyer Felix Madero.

This achievement has led us to be one of most specialized Law Firms in the energy sector in Spain, having closed during the last quarter of 2021 the sale of projects with a total capacity of 1 GW. This is the result of excellent teamwork and confirms that Montero|Aramburu has a very strong energy team.”

Miguel Cuesta Boothman

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