Canada-based institutional investor Caisse de depot et placement du Quebec (CDPQ) has closed the acquisition of a 216MW solar portfolio located in several Spanish regions.
CDPQ acquired the portfolio from Q-Energy, which comprises 73 plants which produce over 355,000 megawatt-hours annually.
This investment is part of CDPQ’s efforts to set up a renewables platform in Spain, which will seek to aggregate further renewable assets.
Following the sale, Q-Energy will continue to provide comprehensive management of the assets, carrying out day-to-day operations, monitoring and maintenance of the 73 solar farms.
Q-Energy manages more than 150 renewable energy plants across Spain, Italy and Germany, generating over 1300MW of power.
Watson Farley & Williams (WFW) advised CDPQ on all legal aspects of the deal, carrying out the due diligence process as well as asset-related agreements and ancillary transaction documents.
The WFW Madrid energy team advising CDPQ was led by corporate partner and office head Maria Pilar Garcia Guijarro.
Pilar said: “We are proud to advise CDPQ on its first equity investment in the energy and infrastructure sector in Spain and look forward to have the opportunity of working with them on further transactions.
“The Spanish market offers a range of opportunities for long-term institutional investors like CDPQ. Our knowledge of the Spanish market and of its regulations and key players, positions us as the go-to firm for complex legal advice in the field.”