King & Wood Mallesons ("KWM") has advised the Portuguese energy group EDP on the sale of two combined cycle plants and the portfolio of its residential customers in Spain to the French company Total. The transaction is valued at €515 million.
Through this deal, Total acquires generation assets consisting of the Castejón I and Castejón III combined cycle plants, located in Navarra (Spain), with a total capacity of 843 MW, and a portfolio of 1.2 million residential customers, including 50% of CHC Energía. On the other hand, in addition to the rest of its important activity in Spain, EDP will maintain its B2B business.
Roberto Pomares, M&A partner at KWM, has been in charge of coordinating the advice to EDP in this transaction with the outstanding support of Gonzalo Fernández (senior associate of M&A). Other members of the KWM's multidisciplinary team include Energy partner Gonzalo Olivera and senior associates Fernando Jiménez (Tax) and Alberto Artés (Energy), and associate Enrique Murillo (M&A).
The final close of the transaction is expected in the second half of 2020, once the approval of the competition authorities is obtained.
