White & Case LLP in Madrid and Posadas in Montevideo have helped UK renewables group Cubico buy two wind farms in Uruguay from Spanish energy infrastructure company ACS Servicios.
The seller relied on its in-house counsel.
A group of banks had previously lent funds to the wind farms and had to approve the sale. Latin Lawyer understands that UK firm Clifford Chance LLP and Dentons Jiménez de Aréchaga in Montevideo represented the banks, but this could not be confirmed before publication.
The deal closed on 8 July for an undisclosed amount.
In the transaction, Cubico bought the entirety of Parque Eólico Kiyú, which owns the Kiyú wind farm, from ACS Servicios. It also acquired a 90% stake in Vientos de Pastorale, which controls the Pastorale project, from the Spanish company.
Cubico bought the remaining 10% stake in Pastorale from German infrastructure developer SOWITEC.
Crédit Agricole Corporate and Investment Bank (CA-CIB) and Caixabank had lent money to the Pastorale facility, whilst Allianz Global Investors had provided capital funds to the Kiyú project.
The Kiyú project is in the southern department of San José and has a total installed capacity of 49 megawatts. The Pastorale facility, with a 53-megawatt capacity, is in the neighbouring department of Flores. Both wind farms are currently under construction.
Counsel to Cubico Sustainable Investments
In-house counsel – Ana Martínez
White & Case LLP
Partner Juan Manuel de Remedios, local partner Carlos Daroca, counsel Julio Peralta and associates Laura de Olmo and Gracia Truán in Madrid
Posadas
Partner Tomas Gurméndez and associates Martina Reyes, Karina Souza, Paula Costa and Paulina Ualde in Montevideo
Counsel to ACS Servicios
In-house counsel – Aida Pérez
Source: Latin Lawyer