Baker McKenzie acted as US counsel to global energy company Repsol in its sale of a 25% stake in its worldwide renewables unit to Credit Agricole Assurances and Energy Infrastructure Projects (EIP) for € 905 million (USD 964 million). The transaction values Repsol's renewable energy business, including debt and minority holdings, at € 4.38 billion.

This transaction aligns with the trend among major global energy companies to transition parts of their business to low-carbon technology in order to meet regulatory and shareholder demands to reduce their contribution to carbon emissions. Repsol's newly-created renewable energy unit is developing, building and operating wind, solar, storage and hydro plants in Spain, the United States and Chile.

Baker McKenzie previously advised Repsol in its 2021 acquisition of the US solar and battery storage developer Hecate Energy, which was Repsol's first foray into the US renewables market.

"The deal showcases how the competition to fund renewable energy and clean technologies is accelerating at a rapid pace and the challenge for investors is to find projects that will meet dual goals of adding value for shareholders, while meeting clean energy goals,," said José Antonio Morán, Chair of Baker McKenzie's Energy, Mining & Infrastructure Industry Group. "But more significantly, it showcases how we are helping our energy clients transition and develop their businesses into decarbonised energy sources,"

Antonio Morales, head of the Firm's Public Law, Infrastructure and Energy department in Madrid, added, "This transaction is a testament to the strength of our clean energy, projects and transactional practices and adds to our stellar track record advising some of the largest US-Spain transactions in the past 50 years."

Freshfields Bruckhaus Deringer acted as global lead counsel and Philippi, Prietocarrizosa, Ferrero DU & Uría as Chilean counsel for Repsol. Learn more about this transaction in Repsol's press release here.

Led by Antonio Morales, Jonathan Farrokhnia, Jose Moran and Carlos Suarez, the Baker McKenzie team included Rocio Rodriguez Ruiz, Matthew McCarthy, Jessica Wicha and Sarah Swain.

Baker McKenzie is at the forefront of market-leading deals in the renewable energy and clean technology sector. Our multidisciplinary global team helps energy producers, investors and users forge their energy transition journey in an increasingly complex regulatory environment, enabling them to transform, powerfully. As a global leader in climate and clean energy for more than 20 years, we partner with our clients from a variety of industries to help them execute their sustainability investments strategy and green finance.
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