Octopus Renewables Infrastructure Trust (ORIT) has conditionally acquired a 175MW photovoltaic solar portfolio under development in southern Spain.
The transaction will go through once the four plants in Andalusia reaching ready to build status, which is expected by January 2023.
Watson Farley & Williams (WFW) carried out the due diligence and the drafting and negotiation of the share purchase agreement executed within the framework of the deal.
The firm also advised on Spanish regulatory and tax matters.
Octopus Renewables, part of Octopus Group and the fund manager for ORIT, is a specialist clean energy investment manager with a mission to accelerate the transition to a future powered by renewable energy.
Since 2010, Octopus Renewables has invested in a diverse portfolio of assets with a capacity of over 2.6GW and is now the one of the largest renewable asset owners in Europe and Australia.
WFW corporate partner and office head María Pilar said: “It was a great pleasure to advise Octopus on its first project-level investment in Spain.
“Signing the transaction in such a short timeframe, despite the current situation, is a clear testimonial to the strength of international investors’ appetite for Spanish assets and our expert advice in the Spanish renewables sector.”