Wednesday, April 17, 2024

Multi-law firm advice on the sale of 25% stake in Repsol Renovables to Crédit Agricole and EIP

Freshfields and Baker McKenzie have advised Repsol on the sale of 25% stake in Repsol Renovables to a consortium formed by Crédit Agricole Assurances and Energy Infrastructure Partners -advised by EY-, with the consortium advised by Herbert Smith Freehills and Linklaters


Global energy group Repsol has incorporated Crédit Agricole Assurances and Enerfy Infrastructure Partners (EIP) as partners in its renewable energy business. Pursuant to the transaction, the two investment groups have agreed to jointly acquire a 25% stake in Repsol Renovables, the renewable energy arm of Repsol.

This transaction represents yet another a milestone in Repsol’s sustainability strategy. Renewable electricity generation is one of the main pillars in Repsol’s decarbonisation model, after it became, in 2019, the first company in its sector to make a commitment to reach zero net emissions by 2050.The incorporation of the two partners includes an investment commitment in line with Repsol’s strategic plan to reach 6 GW of installed renewables capacity in 2025. 

The consortium of funds managed by Crédit Agricole Assurances and EIP will hold 25% of Repsol Renovables following the final close, which is set to occur in the fourth quarter of this year, subject to customary closing conditions and regulatory approval.

Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile and Portugal.

The Freshfields team advising Repsol is being led by partner Alfonso de Marcos and counsel Joe Amann, with the support of associates Asís Martin de Cabiedes and Chelsey Kaka. The team also includes partners Armando Albarrán and Silvia Paternain, senior associate Cinta de Retana, associate Miguel Angel Calvo and trainee solicitor Chloe Clavell.

The consortium was advised by Herbert Smith Freehills and Linklaters. Linklaters advised with a team led by Corporate partner Carmen Burgos.

HSF´s team includedd Energy & Infrastructure partner Ignacio Paz Aboy and senior associate Miguel Fraga as lead team, supported by E&I senior associate Alberto Martínez and associate Álvaro Martínez. Other practice teams supporting the E&I team: Regulatory (Iria Calviño, Esther Lumbreras, José Ramón Mourenza, Mónica de Hevia), Finance (Íñigo Bastarreche and Ricardo Echevarría), Employment (Ignacio Jiménez-Poyato), Competition (Gonzalo Sanz-Magallón), Real Estate (Marta Escartín and Beatriz Madrigal) and Disputes (Beatriz Fernández-Miranda and Luis Berbiela).

Elena Sánchez, Manuel Paz, Luis Gago and Javier García Seijas

On the other hand, EY advised Crédit Agricole Assurances and Energy Infrastructure Partners (EIP) in the agreement reached for the acquisition of 25% of Repsol Renovables for an amount of €905 million.

EY has rendered tax services by the teams respectively led by partners Elena Sánchez and Manuel Paz and formed by Diego Montoya, Monica Garcia, Alvaro González Arias, Bernardo Reus and Ignacio Bailo; financial services, led by partner Luis Gago and team formed by Luis Barrero and Miguel Duran, and modelling services have been rendered by partner Javier Garcia Seijas and team, David Arman.

Baker McKenzie acted as US counsel to global energy company Repsol with a core teamformed by partners Antonio Morales and José Moran. Additional advisors were Carlos Suarez, Jonathan Farrokhnia, Rocio Rodriguez Ruiz, Matthew McCarthy, Jessica Wicha and Sarah Swain.

Antonio Morales (left) and José Morán (right)
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