Asset manager Capital Dynamics acquired a 100% equity stake in the project through its subsidiary Clean Energy Infrastructure business located in Cadiz, southern Spain.
The project site is located in Cadiz province in the Spanish southern region of Andalusia, and the solar farm is scheduled to start commercial operations in the first quarter of 2021. Once operational, the Puerto Real 1 project is estimated to reduce greenhouse emissions by over 175,000 metric tons– the equivalent of emissions produced by 38,000 passenger vehicles driven for a year or the electricity to power almost 30,000 homes for a year. Over the lifetime of the project, the site will employ up to 300 workers, many from the local area.
Pablo Dorronsoro, Head of Energy at Pinsent Masons Madrid office who led the sale, explained, "It's been a pleasure for us to have supported WElink on this strategic transaction in the Spanish market. This transaction represents the relevance of Spanish renewables for the international investors and the growing interest within such an active market."
Andrew Dodge, Director of Investments and Transactions Europe at WElink, commented that, “Puerto Real is a significant transaction for WELink as it represents a key milestone in the Spanish market as a subsidy free project. The performance of Pinsent Masons Madrid team has been exemplary especially in light of the significant restrictions imposed by the global pandemic. Their commitment, hard work and resourcefulness was instrumental in ensuring this transaction completed just prior to the lockdown."
The Pinsent Masons Madrid team advised WElink in all related matters of the project, including: (i) preparing and updating due diligence report, (ii) regulatory advice necessary for the development of the project and the project agreements, (iii) interconnection agreement and incorporation of EIG; (iv) expropriation procedures, (v) real estate matters. The firm also advised WElink in its previous acquisition of the project from Ansasol, and its development until RTBS.
Partner Pablo Dorronsoro led the transaction working closely with Partner Idoya Arteagabeitia; Senior Associates Marta Salazar and Gabriela Camuñas; Associates Javier Alagón, Olimpia Ortega and Mar Cabrera and Lawyer Pedro Gila.