King & Wood Mallesons advises the Portuguese energy company Galp on its joint venture with ACS and on the acquisition of a 75% stake of a 2.9 GW solar PV portfolio

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The global law firm King & Wood Mallesons ("KWM") has advised the Portuguese company Galp on the acquisition from ACS Group of a 75% stake of a portfolio of solar photovoltaic projects in Spain comprising a total generation capacity of 2.9 GW. The transaction has an enterprise value of €2.2 billion and it is considered one of the biggest in the renewable energy sector in Spain.  

The deal includes the formation of a joint venture between Galp and ACS for the development of such projects. Galp will have a 75.01% stake of the new solar company, while ACS holds a 24.99%.

The portfolio 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 deal stands out for its strategic importance for Galp, which becomes the leading company in the solar photovoltaic sector in the Iberian Peninsula.

Roberto Pomares, Corporate partner at KWM, was the lawyer in charge of coordinating the multidisciplinary team of the Firm. Other relevant members have been Energy partner Gonzalo Olivera, senior associates Gonzalo Fernández (Corporate) and Alberto Artés (Energy) and associates Enrique Murillo (Corporate), Juan Luis García (Finance) and Pablo Salamanca (Real Estate).

Roberto 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 sale of its LPG business in Spain to Primagas and on a Power Purchase Agreement (PPA) with X-Elio.