Projects purchased for more than €400 million from Progressum Energy Development
Green Arrow Capital (GAC) has purchased a portfolio of solar PV projects under development in Spain from Progressum Energy Development, with a total capacity of 508MW and a value of over €400 million (PED).
The transaction was carried out by Green Arrow Infrastructure of the Future (GAIF) Fund, a subsidiary of the company.
GAC is one of the largest independent Italian alternative investment firms, with €1.8 billion in assets under management.
GAIF, which was created by GAC at the beginning of 2021, has raised about €300 million to date.
GAIF presently has 800 MW+ of operating, under construction, and ready-to-build solar, wind, and hydropower facilities, as well as biomethane production, storage/EV-charging infrastructure, and 5G tower projects in its pipeline, which it bought in 2021.
The Watson Farley & Williams Madrid Corporate team, led by Madrid office head and corporate partner Mara Pilar Garca Guijarro, advised GAC on the acquisition.
“We are thrilled to have advised GAC on this significant investment in Spain, which will help them consolidate and grow their worldwide renewables presence,” Pilar added.
“Advising on this issue further solidifies WFW’s position as one of Spain’s leading law firms for M&A transactions in the energy industry.”
[Image: Asia Chang/Unsplash ]