A private equity arm of the Egyptian investment bank EFG Hermes has acquired a 49% stake in EDP Renewables France for EUR 160 million.
EDP Renewables France is a subsidiary of EDPR (Energias de Portugal Renovaveis) and has a portfolio of 33 operational wind farms with a combined capacity of 334 MW that it will continue to manage. EDPR is headquartered in Madrid and is one of the top four renewable energy producers in the world with 8.6 GW installed across three continents.
Approximately half of the investment cost has been financed by Deutsche Bank and BNP Paribas. This first investment by EFG Hermes in Europe is part of its private equity division’s new direct investment strategy, in particular with regard to the energy infrastructure sector.
Watson Farley & Williams advised EFG Hermes on all the legal and tax aspects of the acquisition and the organisation of the partnership between EDPR and EFG Hermes.
EFG Hermes was also counselled by Shearman & Sterling on acquisition finance, private equity and tax aspects, by Global Capital Finance on financial aspects, by Garrad Hassan and SGS on technical aspects, by Grant Thornton on accounting and by Pöyry.
EDPR was advised by DLA Piper (Sarmad Haidar, partner, and Anais Vidal, associate). Deutsche Bank and BNP Paribas were advised by Linklaters (François April, partner, and Justin Faye, associate).
Source: Watson, Farley & Williams