Eversheds Sutherland’s energy and infrastructure team has advised CGN Energy International Holdings Co. Limited (CGN) on the acquisition of three renewable energy projects with a combined capacity of 540 MW.
A global, cross-practice team advised CGN on its acquisition of three sites owned by Enel S.p.A. for approximately 2.9bn Brazilian Real (US$750m). The team advised on all elements of the acquisition, including on the continuation of the power purchase agreements, and on relevant regulatory authority and competition / anti-trust approvals within the local market.
CGN acquired the solar plants Nova Olinda (292 MW), located in the north-eastern Brazilian state of Piauí, and Lapa (158 MW), situated in the north-eastern Brazilian state of Bahia, in addition to the 90 MW Cristalândia wind farm, also in Bahia. The acquisition marks CGN’s first entry into the Brazilian market alongside its growing presence in the Americas.
Eversheds Sutherland’s Beijing and London offices advised CGN with support in Brazil from global Relationship Firm Azevedo Sette Advogados. Jay Ze, Partner (Beijing) and Stephen Hill, Partner (London) led on the transaction with support from, Charlie Wright, Senior Associate (London), and Associates Karim El-Borhami (London) and Xinyang Li (Beijing).
Jay Ze, said:
"I am pleased our team helped CGN realise its strategic goal of entering into a new, vast and important renewables energy market. The acquisition is a testimony of our market leading China outbound practice and our deep capability of working with Chinese SOEs to advance their global ambitions, helping clients navigate an increasingly complex and challenging international geo-political and economic environment."
Stephen Hill, also commented:
“This transaction clearly demonstrates the range of skills across the firm and highlights our burgeoning Latin American practice, combining our strong cross-border transactional capabilities with our experience in the energy space. We are delighted to have supported CGN with its entry into the Brazilian renewables market and assisted in its global strategy to acquire and develop renewable assets.”
Eversheds Sutherland’s energy and infrastructure team has strong relationships with CGN’s related companies, having advised CGN Europe Energy on its acquisition of a 75% stake in the 650MW Markbygden project in Sweden in November 2018.
About Eversheds Sutherland:
As a global top 40 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 66 of the FTSE 100, 73 of the Fortune 100 and 119 of the Fortune 200
With more than 3,000 lawyers, Eversheds Sutherland operates in 68 offices in 34 jurisdictions across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalized alliances in Latin America, Asia Pacific and Africa, provide support around the globe.