Independent solar power producer Dhamma Energy has agreed to sell its Spanish and French business to gas…
Independent solar power producer Dhamma Energy has agreed to sell its Spanish and French business to gas and electricity company Eni gas e luce, a subsidiary of Italian energy company Eni.
Fieldfisher and Gómez-Acebo & Pombo Abogados acted as legal counsel to Dhamma Energy on the transaction, while Allen & Overy acted for Eni.
Dhamma Energy has a portfolio of solar assets totalling nearly 30 gigawatts (GW), including plants that are operational, in advanced development stages, and other stages of development.
Eni has acquired the French and Spanish business as part of a strategic plan to expand its renewable energy capacity and integrate this with its retail operations in both France and Spain.
Following the transaction’s close, which is subject to meeting customary closing conditions, Dhamma’s workforce will merge with Eni gas e luce’s.
Dhamma’s founding members plan to continue pursuing activities in other markets including Mexico and its green hydrogen arm, which was set up a few years ago.
“In the current environmental, social and political context with a greater than ever focus on decarbonization and sustainability, it is reassuring to see industry leading companies like Eni fully embracing the energy transition” explained Dhamma’s co-founders Olivier Crambade and Philippe Esposito in a joint statement.
They added: “With this transaction, we are proud to contribute to Eni gas e luce’s renewable energy ambitions. Eni gas e luce’s support, together with Dhamma’s strong track record and significant experience in developing utility-scale solar photovoltaic (PV) projects, will undoubtedly enable to further accelerate growth in Spain and France.”
Eni’s CEO Claudio Descalzi also commented: “This transaction will help to boost our renewable power generation capacity in accordance with our growth strategy by continuing to expand in Spain and especially by launching our presence in the renewables sector in France, where Eni gas e luce already has a solid presence and a significant customer base.”
Descalzi added that France and Spain are key markets for Eni gas e luce and that the company plans to expand its retail and renewables offerings in these countries.
Allen & Overy’s advisory team was headed up by Italy corporate partner Paolo Ghiglione, who was assisted by trainee solicitor Matteo Bortolamai and teams across Luxembourg, France and Spain led by partners Fabian Beullekens, Alexandre Ancel and Ignacio Hornedo.
In a statement, Ghiglione said the acquisition will contribute to Eni’s “expansion in Spain and France and to its growth in the renewable energy sector”.
Nomura Greentech acted as Dhamma’s financial adviser on the transaction.
Portuguese natural gas distribution company Galp formed a joint venture with Spanish construction giant ACS Group and bought a 75% stake in its portfolio of PV solar projects in September last year.
In January this year, the procurement and financing of the world’s largest single site solar project in Abu Dhabi was advised on by White & Case, while in April, Strata Solar partnered with Blackstone to finance utility scale solar energy projects across North America.
This month, Global Renewable Synergy Company boosted its share in the Indian solar energy market via an acquisition.
Read More: Eni acquires Dhamma’s solar projects in France and Spain