Watson Farley & Williams (“WFW”) has advised Encavis AG (“Encavis”) on the acquisition of the 55 MW Fundici photovoltaic (“PV”) currently under development in Spain from its developer Hive Energy (“Hive”).
Located in Guillena in the southern region of Andalucía, once complete, the project will provide enough electricity to power around 28,300 homes. It already has land and grid connections secured and is considered ready-to-build, with Hive’s Ethical Power Group overseeing construction.
WFW assisted on the due diligence process, regulatory analysis, the drafting and negotiation of all transaction documents (including SPA, DEVA and EPC) and closing of the transaction.
Hamburg-based Encavis acquires and operates both onshore wind and solar parks and is one of the leading independent power producers (“IPP”) in Europe with a total generation capacity of more than 3.4 GW. It is listed on the MDAX of Deutsche Börse AG.
UK-based Hive, part of the Hive Energy Group, is recognised internationally as a trusted partner in the development, construction and operation of large-scale renewable energy projects. To date, its projects have generated over £1.5bn capital expenditure in green energy projects, saving 1,982,248 tonnes of CO2 each year.
The WFW Madrid Energy team that advised Encavis was led by Madrid Office Head and Corporate Partner María Pilar García Guijarro, working closely with Regulatory Partner David Diez and assisted by Senior Associates Javier Ruffin and Pilar Rozas and Associates Borja Gavilá, Daniel Schaub and Ángel de Martín.
María Pilar commented: “We are really pleased to have advised Encavis in this transaction, helping them consolidate even further their position in the Spanish renewable market”.
