Montero Aramburu advises on Solar Portfolio Purchase
Deal News | Nov 15, 2024 | Iberian Lawyer
In a significant transaction within the renewable energy sector, Montero Aramburu and Gómez-Villares Atencia have provided legal counsel to AltamarCAM Partners and a consortium involving Real Asset Investment Management, Access Capital Partners, and Brookfield Asset Management. This group has successfully acquired a rooftop solar portfolio from Atrato Onsite Energy. The acquired portfolio consists of 51 solar projects generating a total of 204 megawatts from 14 different offtakers. These projects are notably stable, with 93% of the anticipated annual revenue secured through power purchase agreements or subsidies, and 91% of the revenue is linked to inflation or fixed rate increases. The average term for these agreements spans 14 years, promising sustained returns. As part of the acquisition's intricacies, the consortium will facilitate the automatic transition of specific employees from Atrato Group, the previous investment advisor. The legal advisory team was led by a partner with a specialty in Corporate and Energy Law, alongside support from senior associates Victor Moya Jimenez and Gadea Perez de Guzman of the Corporate Law department.
Sectors
- Renewable Energy
- Private Equity
- Legal Advisory
Geography
- Spain – Montero Aramburu & Gómez-Villares Atencia, the advising legal firm, is based in Spain.
- Multi-jurisdictional – The acquisition involves 14 different offtakers, suggesting the transaction spans multiple jurisdictions.
Industry
- Renewable Energy – The acquisition involves a portfolio of solar projects, highlighting the focus on sustainable energy sources.
- Private Equity – The involvement of AltamarCAM Partners, a private market investment specialist, marks this as an interest for private equity investments.
- Legal Advisory – Montero Aramburu & Gómez-Villares Atencia's role as advisors emphasizes the legal advisory industry.
Financials
- 204MW – Combined capacity of the acquired solar portfolio.
- 93% – Percentage of annual revenue secured through power purchase agreements or subsidies.
- 91% – Percentage of annual revenue indexed to inflation or subject to fixed increases.
- 14 years – Average remaining term of the solar projects' agreements.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AltamarCAM Partners | Buyer | Company | A global asset manager specializing in private market investments. |
| Atrato Onsite Energy | Vendor | Company | The previous owner of the rooftop solar portfolio. |
| Real Asset Investment Management | Consortium Member | Company | Part of the consortium joining AltamarCAM Partners in the acquisition. |
| Access Capital Partners | Consortium Member | Company | Part of the consortium joining AltamarCAM Partners in the acquisition. |
| Brookfield Asset Management | Consortium Member | Company | A major asset management firm participating as part of the purchasing consortium. |
| Montero Aramburu & Gómez-Villares Atencia | Legal Advisor | Company | The law firm advising on the acquisition, specializing in Corporate and Energy Law. |
| Atrato Group | Current Investment Advisor | Company | The investment advisory group for the solar portfolio, with employees to be transitioned to the consortium. |
| Victor Moya Jimenez | Senior Associate | Person | Corporate Law department senior associate at Montero Aramburu & Gómez-Villares Atencia. |
| Gadea Perez de Guzman | Senior Associate | Person | Corporate Law department senior associate at Montero Aramburu & Gómez-Villares Atencia. |