Atlas Renewable Energy’s $1.3 Billion Acquisition of Vega Solar 6, S.A.P.I. de C.V.

Mijares, Angoitia, Cortés y Fuentes and Galicia Abogados advised on the deal.

Atlas Renewable Energy has acquired from SunPower Corp. (NASDAQ: SPWR) the Guajiro solar project in Mexico, with a planned capacity of 126.5 megawatts (MWp) peak (101.4 MW), in the municipality of Nopala de Villagran, state of Hidalgo.

The project, which is expected to be commissioned in the second quarter of 2019, will generate close to 300 gigawatt hours (GWh) of energy per year.

Guajiro is contracted under a long-term Power Purchase Agreement (PPA) with the CFE, Mexico’s state-owned electric utility. The project, initially developed by SunPower, was awarded in the country’s first electricity power auction, organized by Mexico’s National Center for Energy Control (CENACE), which manages the country’s electric system.

Following the acquisition of Guajiro, Atlas Renewable Energy will be responsible for the financing, construction and commissioning of the project.

The Government of Hidalgo has accompanied the development and is supportive of the execution of Guajiro as this investment by Atlas Renewable Energy comes to strengthen the industrial environment of the state.

The acquisition of the Guajiro project, made on March 28, is part of Atlas Renewable Energy’s growth strategy: in the last year, the company that operates exclusively in Latin America, has expanded throughout the region inaugurating a 110 MW plant in July 2017 in Chile; currently developing and constructing three photovoltaic plants in Brazil with a total capacity of 330 MW, and entering the Mexican market with the Guajiro project.

The platform’s rapid growth is backed by an experienced team with a successful track record in the industry and by its sponsor Actis, a London based company leader in emerging markets in Africa, Asia and Latin America.

Actis delivers consistent, competitive returns, responsibly, through insights gained from trusted relationships, local knowledge and deep sector expertise with 33 energy infrastructure companies in more than 25 countries, generating 18 gigawatts (GW) of energy capacity.

Mijares, Angoitia, Cortés y Fuentes advised Atlas Renewable Energy with Horacio de Uriarte (Picture), Pilar Mata, Rodrigo Del Valle Prieto, Luis Antonio Monroy, Francisco Romero, Alejandro Perera and Enrique Fajer.

Galicia Abogados advised SunPower Corp with Arturo Perdomo, Gabriela Pellón, Fernando Weihmann, Gabryela Valencia and Fernando Luján Cepeda.

 

Involved fees earner: Arturo Perdomo – Galicia Abogados, S.C; Fernando Weihmann – Galicia Abogados, S.C; Gabriela Pellón – Galicia Abogados, S.C; Horacio de Uriarte – Mijares, Angoitia, Cortés y Fuentes, S.C.; Enrique Salomón Fajer Gómez – Mijares, Angoitia, Cortés y Fuentes, S.C.; Pilar Mata Fernández – Mijares, Angoitia, Cortés y Fuentes, S.C.; Alejandro Perera Sánchez – Mijares, Angoitia, Cortés y Fuentes, S.C.; Rodrigo del Valle Prieto – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Cayetano Romero – Mijares, Angoitia, Cortés y Fuentes, S.C.; Luis Antonio Monroy González – Mijares, Angoitia, Cortés y Fuentes, S.C.;

Law Firms: Galicia Abogados, S.C; Mijares, Angoitia, Cortés y Fuentes, S.C.;

Clients: SunPower Corporation; Atlas Renewable Energy;

 

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Author: Ambrogio Visconti.