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Thursday, February 2, 2023
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RyC advises Arena Power on PV project portfolio sale

Ramón y Cajal Abogados has advised Arena Power on the sale of a 268 MW PV portfolio consisting of 14 projects located in Andalucía, Extremadura and Aragón

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Spanish developer Arena has sold a portfolio of PV projects at different stages of development to a non-disclosed international buyer.

The projects total 268 MW and are located in Andalusia, Extremadura and Aragon. Specifically, there are 14 projects, located in Seville, Huelva, Cordoba, Malaga, Granada, Badajoz and Teruel. Construction of the first projects is scheduled for 2023, and the entire portfolio is expected to be fully operational by 2025.

Arena has developed and sold more than 600 MW in 2021 – in that year it sold 519 MW to Endesa in Huelva and, months later, another three solar projects totalling 48 MW, also to Endesa. The company currently has a photovoltaic and wind portfolio of around 8 GW in Spain, in addition to 2 GW of green hydrogen projects.

For this transaction, Arena Power was advised by ATA Renewables (technical), Ramón y Cajal (legal) and Voltiq (financial).

The transaction was led by Commercial Contracts partners and Energy sector experts Antonio de Mariano and Javier Beltrán Yturriaga, in collaboration with the Tax team, led by partner Alberto Heras Oliver.

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