Q-Energy acquires Torresol Energy from Sener and Masdar
Q-Energy has announced the acquisition of Torresol Energy from Sener, the Basque engineering company and Masdar, a subsidiary of the Arab group Mubadala.
Iñigo Olaguibel (top) and Enrique Sendagorta
Torresol has three solar thermal power plants with a total output of 120 megawatts and employing more than 100 people.
The value of the deal was not disclosed, though it has been estimated at €400 million.
Founded in 2008, Torresol Energy emerged as the result of an alliance between Sener and Masdar. In 2011 its three solar thermal power plants came into operation - these included Gemasolar, a 20 megawatt facility located in Fuentes de Andalucía (Seville) that was the first in the world to operate 24 hours a day.
The other two plants, Valle 1 and Valle 2, which have an output of 100 megawatts between them and located in San José del Valle (Cadiz).
The acquisition of Torresol Energy has been carried out through the Q-Energy IV fund, the fourth vehicle managed by Q-Energy.
The sellers were advised by Banco Santander and Latham & Watkins. Q-Energy was advised by Lazard & Cia and Garrigues.
Following this deal, the Q-Energy team manages more than one gigawatt of solar photovoltaic power, 170 megawatts of solar thermal power and 130 megawatts of wind power in Spain, Germany and Italy.
Iñigo Olaguibel, founding partner of Q-Energy said: "This transaction further reinforces Q-Energy's strategy of consolidation in the renewable energy sector and our strong commitment to energy transition as a fundamental pillar to ensure a sustainable future for our society. Through Q-Energy IV, our fourth investment fund in renewable energy, we aim to invest more than €4 billion in the sector over the next few years, consolidating our leadership not only in assets in operation, but also in the development of new renewable assets, as we are already doing today in the geographies where we are present. We are delighted to have a team in our group that is a benchmark in the solar thermal energy segment worldwide.”
Enrique Sendagorta, president of Torresol Energy, said: "The fact that the buyer of Torresol Energy is Q-Energy, a Spanish company of reference in the sector, represents the best guarantee for the continuity of the operation of the plants and equipment. Torresol Energy has managed to achieve excellent levels of operation at its three facilities. We were pioneers in commercially launching a plant like Gemasolar, the first of its technology to provide clean energy 24 hours a day, which was possible thanks to our previous shareholders Sener and Masdar, to whom we are very grateful for their support over the last few years.
The Latham & Watkins Madrid team advising Sener and Masdar was led by partner Ignacio Pallarés and counsel Ignacio Domínguez, and included counsel José María Alonso and associate Carmen Esteban.
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