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The Madrid offices of Clifford Chance LLP and Uría Menéndez, and Philippi Prietocarrizosa Ferrero DU & Uría in Lima and Santiago have helped French investor Ardian and its London-based asset manager Arg-Am divide solar assets with Spanish renewable energy business Solarpack, which the two previously controlled through a joint venture.
Solarpack enlisted CMS Carey & Allende in Santiago and Rodrigo, Elías & Medrano Abogados in Lima for the deal, which closed on 28 December.
Following the split, Ardian has obtained full ownership of four solar plants totalling 49 megawatts. Three are located in northern Chile and the other in the southern Peruvian city of Tacna. Meanwhile, Solarpack has become the solar shareholder in two solar power facilities in Peru. They have a combined installed capacity of 41 megawatts.
The restructuring allows Ardian to improve the quality of facilities by seeking additional input from Arg-Am, which will manage the assets as part of its clean energy fund.
Ardian and Solarpack launched the joint venture in 2016.
Solar deals frequently take place both in Chile and Peru. Just last week, US private equity group Global Infrastructure Partners inked an investment agreement worth US$441 million with Chilean energy company AES Andes to expand their joint renewable energy projects. Earlier last year, renewables multinational Sonnedix obtained a US$624 million financing to buy four solar plants from Italian energy business Enel.
Ardian’s US$160 billion global investment portfolio also includes a controlling stake in Mexican telecoms group MXT Holdings, which it acquired last year.
Former partner Solarpack operates 502 megawatts of solar generation facilities in operation and has an additional 500 megawatts under construction, including a project under development in Ecuador. It also counts assets in Spain, India and Malaysia.
Counsel to Ardian and Arg-Am
Clifford Chance LLP
Partner Javier Amantegui and associates Beatriz Melo, Laura Geli, Sofia Albiñana and Jimena Garrote in Madrid
Uría Menéndez
Partner Juan Francisco Falcón and associates Marta Areces and Javier Gutierrez-Gil in Madrid
Philippi Prietocarrizosa Ferrero DU & Uría (Peru)
Partner Rafael Boisset, director Veronica Vergaray and associates Alessandro Mussio, Milagros Pastor, Claudia Loyola, Ximena Del Rosario and Angela García in Lima
Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Associates Mario Fava, Pedro Pablo Valenzuela, Macarena Fuchs and Ariel Castillo in Santiago
Counsel to Solarpack
CMS Carey & Allende
Partner Luis Felipe Arze and associates Lucia Ochoa and Nicolás Valenzuela in Santiago
Rodrigo, Elías & Medrano Abogados
Partners Juan Diego De Vinatea and José Talledo, and associates Jacques D’Auriol and Fiorella Monge in Lima
