Portuguese renewable energy business Finerge has bought six Spanish solar photovoltaic (PV) farms – with a total capacity of 8.1 MWp (megawatt peak) – from Martifer for €23.5 million.
The assets – which are located in Huelva, Seville and Salamanca – generate annual revenues of €5 million.
As a result of the acquisition, Finerge now has a total installed capacity of 1,049 MW (megawatts)
A Martfier statement said: “This sale forms part of the group's strategy of asset rotation, reduction of debt and strengthening of the equity structure."
Martifer was advised by Cuatrecasas on the deal. The Cuatrecasas team included Lisbon-based partner Mariana Norton dos Reis, Madrid-based partner Luis Pérez de Ayala, and Madrid-based associate Álvaro López de Ceballos.
Finerge was advised by a Madrid-based King & Wood Mallesons team led by Roberto Pomares and Victoria Ruenes.