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Thursday, February 22, 2024

Simmons advises bp on JV with Iberdrola

Simmons & Simmons has advised bp on its entry into a joint venture (JV) with Iberdrola, a strategic collaboration agreement aiming to help accelerate the decarbonisation of transport

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The companies announced their intention to form a Joint Venture (JV) in July 2021, intending to invest up to €1 billion to roll-out a network of up to 11,000 rapid and ultra-fast EV public charge points across Spain and Portugal. The signing of the strategic collaboration agreement brings the companies one step closer to the formation of the JV which is subject to the necessary regulatory and competition approvals and expected to close in the second half of 2023.

Once approved, the JV will allow Iberdrola and bp to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles in Spain and Portugal. The companies plan to install and operate an initial 5,000 fast charge points by 2025, and up to a total of 11,000 by 2030, including bp and Iberdrola’s existing and future fast charging hubs.

The Chairman of Iberdrola, Ignacio Galán, said, “This strategic alliance allows progress in the electrification of transport. Iberdrola and bp contribute with this agreement to accelerate the deployment of the electric vehicle and generate industrial development in Spain.”

Bernard Looney, CEO, bp, said: “Partnerships like this can help people and businesses decarbonise sooner. By combining our resources and knowledge, we can deliver lower carbon mobility solutions for our customers faster and at scale. We have huge respect for Iberdrola, who have been an early leader in the energy transition and believe that this partnership will bring significant benefits to our customers and our stakeholders.” 

The companies are also looking at options to jointly serve EV customers in the UK. The joint venture will leverage the strengths and expertise of both parties to develop comprehensive mobility services to meet the needs of electric vehicle users. 

The Simmons team was led by corporate partner Steph Featherstone, assisted by managing associate, Kim Farrar. The team also included partners Patrick Wallace (transactional and technical energy expertise), Ignacio Domínguez (Spanish M&A), Alejandro Guerrero (Competition), Alfonso Fernandez-Puebla (Spanish real estate) and Juan Martínez (Spanish regulatory).

Completion of the JV is conditional and is, amongst other things, subject to anti-trust and other regulatory clearances.

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