Watson Farley & Williams (WFW) has advised Velto Renewables on its upcoming EUR 1.1 billion acquisition of a 260 MW regulated operational photovoltaic (PV) portfolio in Spain from Plenium Partners and Bankinter. The transaction represents one of the largest energy deals in Spain in recent years.

Transaction Structure and Assets

Under the agreement, Velto will acquire 163 MW of regulated PV projects from Helia II FCR, an investment vehicle promoted by Bankinter Investment and Plenium Partners. Additionally, Plenium Partners has contributed 97 MW from its own portfolio to the deal. Together, these assets comprise 53 operational PV projects with a combined capacity of approximately 260 MW.

The acquisition involves regulated operational photovoltaic projects, indicating these facilities are already generating electricity under Spain's renewable energy regulatory framework.

Companies Involved

Velto Renewables is an international renewable energy producer focused on developing, building, and operating energy projects with a long-term strategy. The company was established in 2020 and is backed by global investment group La Caisse, formerly known as CDPQ. Plenium Partners, founded in 2007 and based in Madrid, specializes in sustainable energy and infrastructure investments across Europe.

The company has maintained its own portfolio of renewable energy assets, contributing 97 MW of capacity to this transaction. Bankinter Investment has created 28 alternative investment vehicles over the past nine years, attracting more than EUR 5.1 billion in committed capital from investors. Through its collaboration with Plenium Partners, Bankinter Investment promoted the Helia II FCR investment vehicle that holds 163 MW of the portfolio being acquired.

Legal Advisory Team

The multidisciplinary WFW Madrid team advising Velto was led by María Pilar García Guijarro, WFW Energy Sector Head for Europe & the Americas, Madrid Office Head, and Corporate and M&A Partner, along with Corporate and M&A Partner Javier Ester. They were supported by Senior Associate Jaime Salazar and Associates Daniel Schaub, Teresa Baselga, Paul Stone, Cristina Martínez, Helena Rubert, and Paula García.

Regulatory expertise was provided by Counsel Lidia Fernández, Senior Associate Ignacio Soria, and Associates Isabel Rodríguez de Codes, Miguel Rubio, and Carlota Díaz. Isabel Rozas and Rocío Sebastián de Erice delivered real estate support. María Pilar García Guijarro said, “We are proud to have advised Velto on one of the largest energy transactions in Spain in recent years. Once again, we have supported our clients on strategic M&A transactions key to advancing Spain's energy transition.”

Javier Ester added, “This deal demonstrates the effectiveness and agility of our team in navigating complex transactions to deliver results with speed and precision.”

Market Significance

The acquisition marks a significant step for Velto Renewables as it strengthens its presence in the Spanish energy market and contributes to the country's ongoing shift toward renewable energy sources. The EUR 1.1 billion transaction value underscores the substantial investment being made in Spain's renewable energy infrastructure. The deal involves regulated operational projects, meaning the solar facilities are already connected to the grid and generating revenue under Spain's renewable energy regulatory system.

With 53 individual projects totaling 260 MW of capacity, the portfolio represents a substantial addition to Velto's renewable energy operations in the Spanish market.

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