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Thursday, March 28, 2024

Multi-law firm advice on Umbrella Solar´s Project Infinity

EY Abogados has advised the Umbrella Solar Investment group in the so-called Infinity Project by virtue of which RGREEN INVEST, a French investment management company, has acquired a stake in one of the group's companies and will invest up to €42 million in the construction of 14 photovoltaic solar parks located in the Valencian Community, Extremadura and Andalusia, with a total capacity of 212MWp.

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Umbrella Solar Investment has joined forces with Incus Capital as debt provider and with Rgreen Invest (via its INFRAGREEN IV vehicle) as equity co-investor (Project Infinity) in the financing of its Spanish solar PV 212 MWp portfolio.

Umbrella Solar Investment, headquartered in Valencia, is a global vertically integrated company with a focus on photovoltaic energy. The group is composed by different companies, such as IM2 Energía Solar and Turbo Energy Solar Innovation, all pioneers in their respective segments within the photovoltaic sector and in the geographic areas where they operate.

In April 2022, the company signed a portfolio-wide merchant term loan construction financing agreement with Incus for a total amount of €106.5 million to fund the construction of the portfolio. Financial close for the first 27 MWp project is expected to be achieved in the next days. Subsequently in June 2022, UMBRELLA SOLAR INVESTMENT closed an investment agreement with RGREEN INVEST to acquire a minority stake in the Joint Venture vehicle which will own and operate 14 SPVs. Through INFRAGREEN IV, Rgreen has agreed to commit to invest up to €42 million in the construction of the projects under a preferred equity scheme. Project Infinity represents a key milestone in Umbrella Solar Investment’s strategy to further integrate across the energy value chain and consolidate as an IPP with proprietary operating assets. Equally so, this transaction confirms Incus Capital’s capabilities in providing flexible capital solutions for real assets in Europe and RGREEN´s continued support of the growth of European developers and operators by offering tailor-made financing solutions.

On Project Infinity’s debt agreement, Umbrella Solar Investment was advised by Finergreen (Financial), Pérez-Llorca (Legal), EY (Administrative and Tax), ATA (Technical), Marsh (Insurance) and PwC (Model Audit). Incus Capital was advised by Linklaters (Legal) and Taiga Mistral (Technical).

On the equity agreement, Umbrella Solar was advised by Finergreen (Financial) and EY Abogados (Legal and tax) and Rgreen was advised by Watson Farley & Williams (Legal and Tax).

Ana Lorenzo (left), Fernando Santos (top right), Cecilia Osorio (bottom right)

WFW’s team has been led by partner Ana Lorenzo, senior associate Fernando Santos, associate Cecilia Osorio and junior associate Juan Lozano.

The EY Abogados Legal and Tax teams that have participated in this transaction and advised on the structuring of the transaction and the negotiation of the investment agreement, shareholders’ agreement and purchase and sale agreement were formed by Susana Gómez Badiola, Corporate M&A and Private Equity Partner, Miguel Guillem, Tax Partner, together with the members of their respective teams Nacho Sevilla Sánchez and Rosa Cañas Lorenzo, Corporate M&A senior managers, and Jorge Pérez Navarro, Tax manager.

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