Atlantica Yield’s $120 Million Acquisition of a Wind Farm in Uruguay


Jiménez de Aréchaga, Viana & Brause, FERRERE and Watson Farley & Williams advised on the deal

Enel Green Power S.p.A. (“EGP”) closed the sale to power company Atlantica Yield of its fully-owned subsidiary Enel Green Power Uruguay S.A. (“EGP Uruguay”), which owns through its project company Estrellada S.A. the 50 MW Melowind wind farm located in Cerro Largo, around 320 km away from Montevideo.

EGP has sold its subsidiary in Uruguay for around 120 million US dollars, equal to the company’s Enterprise Value.

The transaction is part of the disposal programme of non-core assets provided for in the Enel Group’s active portfolio management plan. This strategy allows for the reallocation of resources to areas with a greater growth margin and potential for the Group.

The Melowind farm sells its electricity output to the state-owned power company UTE (Administración Nacional de Usinas y Trasmisiones Eléctricas), which manages the transmission, distribution and sale of electricity in Uruguay, under a 20-year power purchase agreement (PPA).

Atlantica Yield plc owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North and South America, and certain markets in Europe, the Middle East and Africa (EMEA). In Uruguay the company already owns two wind farms for a total capacity of 100 MW.

Enel Green Power is the Enel Group’s business line dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 43 GW across a generation mix that includes wind, solar, geothermal and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.

In order to finance the transaction, Atlantica Yield plc secured a Financing from Banco Santander, S.A. and Banco Santander (Uruguay) S.A.

Jiménez de Aréchaga, Viana & Brause advised Atlantica Yield plc, Banco Santander S.A. and Banco Santander (Uruguay) S.A. with Nicolás Herrera Alonso (Picture), Laura Freiría Piñeiro, Jimena González, Fernando Jiménez de Aréchaga Jr. and Cecilia Comas.

FERRERE advised Enel Green Power S.p.A. with Gonzalo Secco, Manuel Lecuona, Agustina Pérez Lete, Enrique Slekis, Laura Oliveros and Federico Rodríguez.

Watson Farley & Williams advised Banco Santander, S.A. and Banco Santander S.A. (Uruguay) with Rodrigo Berasategui and José María Anarte.

Involved fees earner: Manuel Lecuona – Ferrere Attorneys; Laura Oliveros – Ferrere Attorneys; Agustina Pérez Lete – Ferrere Attorneys; Federico Rodríguez – Ferrere Attorneys; Gonzalo Secco – Ferrere Attorneys; Enrique Slekis – Ferrere Attorneys; Cecilia Comas – Jiménez de Aréchaga, Viana & Brause; Laura Freiría Piñeiro – Jiménez de Aréchaga, Viana & Brause; Jimena González – Jiménez de Aréchaga, Viana & Brause; Nicolás Herrera Alonso – Jiménez de Aréchaga, Viana & Brause; Fernando Jiménez de Aréchaga jr. – Jiménez de Aréchaga, Viana & Brause; José María Anarte – Watson Farley & Williams; Rodrigo Berasategui – Watson Farley & Williams;

Law Firms: Ferrere Attorneys; Jiménez de Aréchaga, Viana & Brause; Watson Farley & Williams;

Clients: Atlantica Yield plc; Banco Santander Sa; Banco Santander Uruguay SA; Enel Green Power;

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Author: Ambrogio Visconti.