Pinsent Masons advises on €192.5m Spanish solar park deal

The works to be undertaken by Metka EGN include the engineering, procurement and construction of the Talasol Project and the ancillary facilities for connecting power into the grid. Work is expected to be completed within 16 months.

The EPC Agreement provides that, in the event the Talasol Project does not reach financial closing within 14 months, both parties can terminate the EPC Agreement.

One completed commentators say that the Talasol project would be Spain’s first large-scale solar facility to sell power on the spot market.

Ellomay has invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain.

The Pinsent Masons team acting on the deal was led by Madrid-based partner Pablo Dorronsoro and Senior Associate Marta Salazar Diaz.

Dorronsoro says:

"This is one of the most significant transactions to have reached close since we established our presence in Spain. We are pleased to have been able to support Ellomay in this significant transaction." 

The deal follows a busy period for Pinsent Masons’ renewable and low carbon energy team. Since the turn of the year the firm has advised on the sale of the UK's largest operational solar park, the acquisition and development of one of the most significant solar park projects in Australia, and is acting for a Spanish contractor in respect of the development of what is expected to become one of the world’s largest solar plants, in Morocco.

Fichtner GmbH & Co. KG, Germany's largest independent engineering and consultancy firm in the energy and infrastructure sector, has advised Ellomay Capital Ltd. on the development, tendering and engineering of the project. The design review as well as the site supervision will be also performed by Fichtner.