Watson Farley & Williams (“WFW”) has advised Blue Elephant Energy AG (“BEE”) on its acquisition, via its subsidiary BEE Piemonte S.r.l, of a 4 MW portfolio comprising six solar PV plants located in Piedmont in northern Italy.
The portfolio consists of solar PV plants, which have been in operation since 2011. After the acquisition, BEE will implement technical optimisation measures in the PV plants that will ensure an operating life of another 30 years (so-called revamping). As part of the revamping activities all components of the PV systems are upgraded to the latest state-of-the-art technical standards, which will significantly improve the performance of the PV plants.
As a result of the transaction, BEE’s operational portfolio in Italy increases to a total capacity of 72 MW. In addition to the operational portfolio, BEE is currently developing solar PV projects with a planned total capacity of more than 378 MW in Italy.
WFW supported BEE on the legal and tax due diligence processes, the drafting, negotiation and execution of a SPA, and also advised the on legal aspects of the planned revamping and the arrangement of a W&I policy.
BEE develops, acquires, and operates solar parks and wind farms in eight countries with a focus on Western-Europe. Its renewable energy assets contribute to the supply of sustainable energy by saving more than 500,000 tons of CO2 annually and providing more than 350,000 households with clean energy.
The WFW Italy Energy team that advised BEE was led by Partner and WFW Italy Head Eugenio Tranchino and Counsel Luca Sfrecola, assisted by Associates Giovanni Benedetto and Antimo Nersita on M&A and corporate law matters. Partner Tiziana Manenti advised on the administrative law aspects of the transaction, assisted by Senior Associates Cristina Betti and Anthony Bellacci. Senior Associate Alfredo Guacci Esposito provided tax advice.
The sellers were advised by L&B Partners Avvocati Associati.
