Watson Farley & Williams (“WFW”) advised General Electric – Energy Financial Services (“GE EFS”) on its acquisition of a 50% stake in a circa 364 MWp renewables portfolio comprising five wind farms and three photovoltaic plants in the Spanish regions of Valencia, Castilla La Mancha and Castilla y León from Alfanar Energía España (“Alfanar”). Alfanar retains the other 50% stake in the portfolio and will continue to jointly develop the projects going forward with GE EFS.
GE EFS, part of GE Vernova, is a global energy investor with over 45 years managing assets through multiple energy cycles. It has invested over US$50bn of capital into more than 20 GW of renewable energy projects and over 50 GW of thermal power projects globally, operating across 170 countries.
Alfanar is a global player in energy transition and green fuels with ambitious renewable energy projects across the Middle East, Asia, Africa and Europe. Its focus is on manufacturing electrical construction products, EPC solutions for conventional and renewable power plants, allied engineering services and design engineering.
The multidisciplinary WFW Madrid team that advised GE EFS was led by Corporate and M&A Partner and WFW Madrid Head Office María Pilar García Guijarro, working closely with Senior Associate Fernando Santos and Associates Cecilia Osorio and Ángel de Martín. They were supported by Senior Associate Ignacio Soria and Associates Isabel Rodríguez de Codes and Miguel Rubio on the regulatory aspects of the transaction.
María Pilar commented: “We are delighted that GE EFS chose WFW to advise them on this important transaction for the Spanish market, reinforcing our position as one of the leading legal advisors to the renewable energy sector both in Spain and across Europe. It was a real pleasure working with Alfanar and GE EFS’ outstanding teams and we hope to continue to strengthen our relationship and support them in their future investments in Spain and worldwide going forward”.
