King & Wood Mallesons advises Galp on the acquisition from ACS Group of a 2.9 GW photovoltaic portfolio

King & Wood Mallesons (KWM) has advised the Portuguese company Galp on the acquisition to ACS Group of several solar photovoltaic (PV) projects in Spain comprising a total generation capacity of 2.9 GW. The transaction is valued at €2.2 billion and it is considered one of the biggest in the PV sector in Spain.  

The deal includes over 900 MW of power generation capacity recently commissioned and a pipeline of projects at different stages of development (2 GW) to be installed until 2023.

The KWM deal team was led by partners Roberto Pomares (Corporate) and Gonzalo Olivera (Energy), in collaboration with senior associates Gonzalo Fernández (Corporate) and Alberto Artés (Energy). 

In relation with this work, Gonzalo says: "this transaction stands out for its strategic importance for Galp, which becomes the leading company in the solar photovoltaic sector in the Iberian Peninsula".

Roberto Pomares says: "so far, this is the largest M&A deal that Galp has done. It is also one of the most relevant transactions within the renewables sector in Spain and comes to endorse Spain's leadership in the clean energy sector". 

Previously, King & Wood Mallesons advised Galp on several deals in Spain, including the recent sale of its LPG business in Spain to Primagas and on a Power Purchase Agreement (PPA) with X-Elio.