February.10.2021
Orrick advised Elawan Energy, S.L, an international renewable energy developer headquartered in Madrid, Spain, in connection with the US aspects of the sale by its majority owners of an 80% interest in Elawan Energy to Japanese financial services group Orix Corporation. Elawan’s portfolio encompasses 714 MW of operational solar and wind power projects located throughout Europe, South Africa and the Americas – with an additional 460 MW under construction and a 10 GW development pipeline. The transaction is valued at $965 million. Elawan founders, including ACEK Renewables, a division of industrial holding ACEK Corporation, and Clearway, will retain their 20% stake in the company. The parties signed the purchase agreement in late 2020, and the transaction is expected to close in the second quarter of 2021, subject to customary regulatory approvals and closing conditions.
Orrick’s team led by Neil Golden represented Elawan in the preparation of due diligence memos on Elawan’s wind projects in the United States and responded to questions raised by the bidders about the US projects. The Orrick team is assisting Elawan with US federal regulatory filings that are required prior to the closing. The Energy & Infrastructure team assisting with due diligence also included Cory Lankford, Spencer Sinclair, Mason Harry, Jessica Sewell, Grace Lentz, Eric Vanderhoef and Michelle Pichardo.