Watson Farley & Williams (“WFW”) has advised independent Italian renewable energy producer ERG on its acquisition of a 73.2 MW French wind and solar project portfolio from project developer Q Energy.
Spanning France’s Gironde, Pyrénées Orientales, Loire and Aude departments, the portfolio comprises two operational solar photovoltaic projects with a cumulative capacity of 20.4 MWp, a 28.8 MWp solar project at an advanced construction stage and a 24 MW wind farm in the final phase of construction. Its overall annual energy production will be approx. 125 GWh once fully operational.
The two operational solar photovoltaic plants and the wind farm will benefit from a tariff regime supported by the CfD system (“contract for difference”) for a period of 20 years. To be commissioned during the second quarter of 2024, the solar project under construction will be linked to a power purchase agreement (“PPA”) signed with a major French retailer for 15 years.
Founded in 1938 in Genoa, Italy, ERG was a pioneer in the transition to renewable energy production in the 2000s. It now operates wind farms and photovoltaic plants with a total capacity of 2.944 MW, making it one of the leading renewables operators in both France and Europe.
Q Energy’s parent company is Hanwha Solutions Corporation, the energy division of South Korean conglomerate Hanwha Group. For over 20 years, Q Energy has been developing, building and operating a portfolio of renewables’ projects, including wind, photovoltaic and green hydrogen. Q Energy has developed 1.6+ GW projects in France, with 5+ GW under development.
The WFW Paris multidisciplinary team advising ERG was led by Corporate Partner Thomas Rabain, supported by Associates Lucile Mazoué and Chloé Léonard. Partner Laurent Battoue, Counsel Antoine Bois-Minot, Associates Juliana Brandao-Marques, Catherine Masquelet and Léo Van Den Bussche advised on the regulatory, public law, real estate and project contracts matters, whilst Finance Partner Laurence Martinez-Bellet and Associates Léna Le Falher and Chloé Moriceau assisted on the financing aspects of the transaction.
