Wednesday, November 29, 2023

Multi-law firm advice on €460m sale of wind portfolio from EDPR to VERBUND

King & Wood Mallesons and Deloitte Legal have advised EDP Renewables on the sale to VERBUND Green Power GmbH -counselled by Garrigues and KPMG Abogados- of 100% of the shares of Viesgo Renovables and Viesgo Europa, companies holding 257 MW wind energy portfolio in Spain, for €460 million


The transaction comprises the transfer of nine wind farms already in operation and with the possibility of hybridisation.

This transaction is part of the €7 billion asset rotation programme announced at the company’s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation and recycle capital for reinvestment in profitable growth.

For more than 20 years, KWM has been the EDP group’s law firm in its main transactions in the Iberian market. In 2020, KWM advised the Portuguese energy group on acquiring Viesgo and creating Ocean Winds. Last year, the team led by Roberto Pomares advised EDPR on the sale to China Three Gorges of a 181 MW wind energy portfolio in Spain.

Roberto Pomares, M&A partner, has led the KWM multidisciplinary team advising EDPR on this transaction, with the support of senior associate Enrique Murillo and associate Alejandra Martín.

Garrigues counselled Verbund with a team formed by partner Álvaro Valle (left), along with principal associate Luis Enrique Mata (top right) and senior associate Laura Herrero (bottom right).

On the other hand, KPMG has advised Verbund AG (part of the Verbund Group, Austria’s leading energy company) on financial and Tax Due Diligence and Tax advice on the transaction. KPMG Abogados’ team was led by partner Ignacio Font (left) and senior manager Joaquín Roger (right) from the Tax department.

Deloitte Legal has also advised EDPR on the sale of a 256 MW portfolio of wind assets to Verbund. The transaction has been advised by different professionals of the Tax team formed by partners Borja Escrivá de Romaní (left) and Gerardo Cuesta, Sergio Ramirez Soto (senior associate) and Gonzalo Mayo (senior associate). The transaction has also been advised by the Financial Advisory team.

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