ContourGlobal’s €806 Million Acquisition of Acciona Termosolar


Davis Polk is advising ContourGlobal plc on the UK Listing Rules aspects of its acquisition of Acciona Termosolar, S.L.U. including its five 50 MW concentrated solar power plants in South-West Spain for cash consideration at closing of approximately €806 million. The acquisition, which classifies as a Class 1 transaction for ContourGlobal under the UK Listing Rules, is conditional, among other things, upon shareholder approval, and is expected to complete during the second quarter of 2018.

ContourGlobal, led by Joseph C Brandt, Michael Kuperman and Ralf Nowack, is a premier developer and operator of wholesale electric power generation businesses with approximately 4,200 MW in operations in 19 countries worldwide. ContourGlobal manages, owns and operates a portfolio of 69 thermal and renewable power plants utilizing a wide range of fuel types and technologies, including renewable energy production based upon wind, solar and hydropower, as well as an extensive fleet of conventionally powered thermal power plants. The Acciona Termosolar group comprises five 50 MW concentrated solar power plants in southwest Spain. The plants were developed and commissioned between 2009 and 2012 and have an average remaining regulated lifetime of 18 years. Together, the plants produce clean energy equivalent to the electricity demand of around 161,000 homes.

The Davis Polk corporate team, which is advising ContourGlobal as to matters of English law, includes partners Simon Witty (Picture) and Dan Hirschovits, counsel Connie I. Milonakis, European counsel Jamie Corner and associates Christopher Diel, Jessica Hui and Quentin Parmentier.

Involved fees earner: Simon Witty – Davis Polk & Wardwell; Dan Hirschovits – Davis Polk & Wardwell; Connie Milonakis – Davis Polk & Wardwell; Jamie Corner – Davis Polk & Wardwell; Christopher Diel – Davis Polk & Wardwell; Jessica Hui – Davis Polk & Wardwell; Quentin Parmentier – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: ContourGlobal;

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