Meag, the investment management fund of Munich Re (the world’s largest reinsurer), and CIP (Copenhagen Infrastructure Partners), one of Europe’s largest investment funds, have made their big splash in the renewables business in Spain with a macro financing deal for Capital Energy.
The deal, valued at more than €300 million, is one of the largest to date in the sector. The three-way deal also involves the Eiffel fund.
Meag has already been in Spain with T-Solar. At the time, this company was the largest photovoltaic group in Spain. Last year it was sold to the Cubico fund.
Now, the German group Munich Re is once again acquiring a leading role in Spain with Capital Energy.
The agreement includes a €165 million financial contribution from Meag Asset Management. For its part, Eiffel will lend a further €75 million to the Buezas family group. And CIP will make a contribution of another €70 million.
Copenhagen Infrastructure Partners was advised by Pérez-Llorca and Clifford Chance. Meag was advised by Ashurst and Cuatrecasas, and Squire Patton Boggs represented Eiffel.
Squire Patton Boggs advised Eiffel with a team led by Banking & Finance partner Manuel Mingot, together with Public Law legal director Antonio Bañón and Banking & Finance associates Alberto París and David Calleja.
Clifford Chance advised Capital Energy (borrower) with a team comprising partner José Guardo and lawyer Pablo Cancelo.
Ashurst advised Meag with a team led by partner Jose Christian Bertram, assisted by lawyers Manuela Sanz Lorite, Ignacio Piñeiro Otalora and trainee Teresa Bernad.