Transaction tax

Takeover of Kobus from Esparity

The projects add a total installed capacity of 250 MW through the company’s third venture capital fund, Kobus Renewable Energy III.

Cordovilla, the largest of the projects with its 150 MW capacity, will be located in Navarre, while the other two, Salinetas and Salinetas II – each with an installed capacity of 50 MW – will be located in the province of Alicante.

In a press release, Kobus Partners explains that these acquisitions are part of the fund’s strategy to acquire projects in the final stages of development, under construction or in operation, with the ultimate objective of building an integrated portfolio of approximately 500 MW for assets that produce electricity from renewable energy sources. These assets are expected to be located primarily in Spain and Portugal.

Kobus Partners was advised on the closing of the transaction by Deloitte Legal. The team was led by director Susana López Claver and partners José María Barrios Garrido and Ignacio Echenagusia, with participation from senior partners David Porras and Ignacio Alonso and partners María Moreno and Alejandro Galván.

The projects add a total installed capacity of 250 MW through the company’s third venture capital fund, Kobus Renewable Energy III.

Lawyer Monthly had the pleasure of speaking with José María Barrios Garrido, Partner at Deloitte Legal, to provide us with a more in-depth look at this transaction:

Can you tell us more about the skills your team brought to the transaction?

Our Energy team is unique from others in the energy M&A practice due to the fact that it is comprised of a multi-disciplinary group of lawyers with deep expertise in all areas affecting the energy sector, corporate law, public and regulatory law, transactional, financing, environmental or tax perspective. The team that participated in the transaction was made up of a group of experts who ensured that all branches of law involved in the transaction were covered with the maximum level of quality.

When providing relevant legal advice, our team is committed to helping Kobus Partners stay abreast of the market and complex regulatory aspects arising from the transaction concerned, providing innovative solutions to ensure its ultimate success.

Did you encounter any difficulties in closing the transaction? How did you overcome them?

The main characteristic of the operation in question is that it is not a pure and simple merger-acquisition operation, since it involves the acquisition of assets whose level of development must reach a certain level on the closing date. This is why the parties had to enter into a development agreement aimed at achieving the said level of development in a satisfactory manner within the time limit set for this purpose.

What impact do you think this transaction will have on the energy sector?

The operation in question undoubtedly contributes to the achievement of the decarbonization objectives assumed by Spain within the framework of the European Union and which have recently been reflected in the so-called Integrated National Plan for Energy and Climate (PNIEC).

At the level of the Navarre region, the impact of the Cordovilla project is truly remarkable, given that it will represent a total of around 10% of regional renewable production once it is commissioned. With regard to the projects located in the Autonomous Community of Valencia, it should be noted that their development is part of the strategy to promote renewable production carried out by the regional government, constituting renewable production poles that will come promote the relevance of the renewable sector in the Valencian Community.