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Clifford Chance advises China Three Gorges Europe on acquisition of 181 MW portfolio of operating windfarms in Spain

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17 November 2021

Clifford Chance advises China Three Gorges Europe on acquisition of 181 MW portfolio of operating windfarms in Spain

Leading international law firm Clifford Chance has advised China Three Gorges (Europe) S.A. (CTGE) on the 100% equity stake acquisition of a 181 MW operating wind portfolio from EDP Renováveis, S.A. (EDPR) for an enterprise value of approximately €307 million (US$ 351.4 million) (subject to customary closing adjustments). The transaction comprises 12 wind farms located in Spain, with an average age of 12 years, all but one operating under a 20-year regulated remuneration scheme. The transaction is subject to regulatory and other customary precedent conditions.

The transaction allows CGTE to boost its existing renewables portfolio in Spain to 23 wind farms and 14 solar plants, which are managed by a highly experienced management team, mostly made up of local experts.

CTGE is part of China Three Gorges, which is the largest clean energy group in China and the largest hydropower enterprise in the world.

The team advising on the acquisition was led by partner Terence Foo and supported by counsel Bao Fang, and associates Chen Jianxiong and Liu Jingxuan in China and partner Samir Azzouzi, senior associates Eugenio Fernandez-Rico and Jose Maria Vilaseca, and associates Pablo Cancelo and Álvaro Cabaleiro in Spain.

Foreign direct investments and antitrust advice was provided by partner Bai Yong, counsel Man Dayu, associate Lan Nan and trainee Gao Shuai in China and partner José Luis Zamarro, counsel Begoña Barrantes, and associates Marc Casas, Clara Iglesias, and Carla Teixidó in Spain.

The financing team was led by partner Vicky Ma in Hong Kong and supported by senior associate Eugenio Fernandez-Rico, associates Pablo Cancelo and Álvaro Cabaleiro in Spain and senior advisor Wang Yi in Luxembourg.

Terence said, "We are pleased to have supported China Three Gorges on its investment in the Iberian renewables market which will support energy transition in Spain. This comes off the back of our firm acting for China Three Gorges on several recent deals, including the financing of China Three Gorges Europe's acquisition of a 572 MW solar portfolio in Spain from X-Elio. Our best wishes to the China Three Gorges Europe team as they build up a solid renewable energy business in Spain."
 

高伟绅为中国三峡欧洲公司收购西班牙181兆瓦风电投资组合提供法律服务

国际领先律师事务所高伟绅为中国三峡集团(欧洲)有限公司(以下简称“中国三峡欧洲公司”)从EDP Renováveis, S.A.(EDPR)收购181兆瓦运营中的风电投资组合的全部股权提供法律服务,此次收购的企业价值约3.07亿欧元(3.514亿美元)(将适用惯常的交割调整)。该交易涉及西班牙的12个风电场,平均已运营时间为12年。除一个风电场以外,其他所有风电场均按照20年期的监管电价机制运营。该交易受制于监管和其他惯例先决条件。

该交易将中国三峡欧洲公司在西班牙的现有可再生能源投资组合增加至23个风电场和14个太阳能发电厂。这些项目均由经验丰富的、以当地专家为主的管理团队管理。

中国三峡欧洲公司隶属于中国三峡集团,后者是中国最大的清洁能源集团,也是世界上最大的水电企业。

为本次收购提供服务的高伟绅团队由合伙人符国成牵头,中国办公室的包昉、陈键雄和刘靖轩,以及西班牙办公室的合伙人Samir Azzouzi及团队成员Eugenio Fernandez-Rico、Jose Maria Vilaseca、Pablo Cancelo和Álvaro Cabaleiro提供支持。

外商直接投资和反垄断法律服务由中国办公室合伙人柏勇牵头,中国办公室的满大宇、蓝楠和高帅,以及西班牙办公室的合伙人José Luis Zamarro及团队成员Begoña Barrantes、Marc Casas、Clara Iglesias和Carla Teixidó提供支持。

融资业务团队由香港办公室合伙人马颖琪牵头,西班牙办公室的Eugenio Fernandez-Rico、Pablo Cancelo、Álvaro Cabaleiro以及卢森堡办公室的汪毅提供支持。

高伟绅中国区联席管理合伙人符国成表示:我们很高兴为中国三峡集团在伊比利亚半岛的可再生能源市场的投资提供支持,这将有助于西班牙的能源转型。近期,我们还曾为中国三峡集团的多项交易提供服务,包括中国三峡欧洲公司向X-Elio收购西班牙572兆瓦太阳能投资组合的并购融资。我们也衷心祝贺中国三峡欧洲公司在西班牙建立起稳固的可再生能源业务。