Baker McKenzie Advises Repsol in Sale of 25% Renewables Stake | Newsroom

Baker McKenzie acted as US counsel to international power firm Repsol in its sale of a 25% stake in its worldwide renewables unit to Credit score Agricole Assurances and Power Infrastructure Initiatives (EIP) for € 905 million (USD 964 million). The transaction values Repsol’s renewable power enterprise, together with debt and minority holdings, at € 4.38 billion.

This transaction aligns with the pattern amongst main international power firms to transition elements of their enterprise to low-carbon know-how to be able to meet regulatory and shareholder calls for to cut back their contribution to carbon emissions. Repsol’s newly-created renewable power unit is growing, constructing and working wind, photo voltaic, storage and hydro crops in Spain, the US and Chile.

Baker McKenzie beforehand suggested Repsol in its 2021 acquisition of the US photo voltaic and battery storage developer Hecate Power, which was Repsol’s first foray into the US renewables market.

“The deal showcases how the competitors to fund renewable power and clear applied sciences is accelerating at a speedy tempo and the problem for buyers is to seek out initiatives that can meet twin targets of including worth for shareholders, whereas assembly clear power targets,,” stated José Antonio Morán, Chair of Baker McKenzie’s Power, Mining & Infrastructure Trade Group. “However extra considerably, it showcases how we’re serving to our power purchasers transition and develop their companies into decarbonised power sources,”

Antonio Morales, head of the Agency’s Public Regulation, Infrastructure and Power division in Madrid, added, “This transaction is a testomony to the power of our clear power, initiatives and transactional practices and provides to our stellar monitor document advising a few of the largest US-Spain transactions up to now 50 years.”

Freshfields Bruckhaus Deringer acted as international lead counsel and Philippi, Prietocarrizosa, Ferrero DU & Uría as Chilean counsel for Repsol. Be taught extra about this transaction in Repsol’s press launch right here.

Led by Antonio Morales, Jonathan Farrokhnia, Jose Moran and Carlos Suarez, the Baker McKenzie workforce included Rocio Rodriguez Ruiz, Matthew McCarthy, Jessica Wicha and Sarah Swain.

Baker McKenzie is on the forefront of market-leading offers within the renewable power and clear know-how sector. Our multidisciplinary international workforce helps power producers, buyers and customers forge their power transition journey in an more and more advanced regulatory surroundings, enabling them to rework, powerfully. As a worldwide chief in local weather and clear power for greater than 20 years, we companion with our purchasers from a wide range of industries to assist them execute their sustainability investments technique and inexperienced finance.