Parquesoles’ transaction perimeter comprised 1 solar PV plant with dual-axis tracker located in Valladolid (Spain), as well as and the management company and land owner in a comprehensive transaction for investor and sellers. The regulatory life of the plant lasts until December 2038 and has a guaranteed return of 7.39% through the return on investment and operation under Order TED/171/2020.
The transaction target was to take advantage of the market momentum for renewable energies and favorable financing conditions to maximize the valuation of the Project. By doing this, the seller would benefit from the strong investment appetite of institutional funds and renewables experts who are consolidating large portfolios of solar PV regulated assets.
The solar PV plants belonged to a large number of shareholders (+25) who were looking for different refinancing or sale alternatives, finally opting for divestment.
A limited number of selected potential investors, national and international funds with great interest in the sector were contacted.
After analysing the received offers, exclusivity was granted to Intermoney (Lynx renewables) with whom, after obtaining a favorable result in the due diligence phase, the Operation was closed in a 3-month period since exclusivity was granted.
Mirabaud provided a comprehensive advisory service throughout the entire process, being able to design and execute the operation successfully according to the established schedule reaching the preliminary valuation target agreed.
Mirabaud contacted and negotiated with each of the identified potential investors, creating a competitive process that maximized the conditions for Parquesoles (in terms of valuation and closing visibility).
In assisting in selecting the optimal offer, Mirabaud maximised the value for the sellers.
Mirabaud acted as advisory and coordinator of the closing phase between the sellers and Intermoney, including the due diligence advisors, legal advisors and the negotiation of the sale and purchase agreements terms and conditions.
The successful collaboration with Mirabaud Wealth Management team provided an integrated advisory to the client.
Enrique Aguado, Head of Mirabaud’s Corporate Finance and Capital Market business line in Spain, said: “We’re very satisfied with the closing of this transaction, especially in such an aggressive execution period and with favourable conditions for our clients. This is another successful deal that consolidates Mirabaud as one of the leading advisors in the renewable sector, an area of strategic interest to us and one in which we boast a great presence in, not only in purchase and sale operations, but also in financing and capital markets”.
“Mirabaud Advisors team in Madrid has carried out an excellent and critical job in the sale process of Parquesoles, thanks to its experience and professionalism. I felt very well accompanied and supported throughout the 4 months that the transaction has lasted.”
|Portfolio||1 regulated solar PV dual-axis tracker plant|
|Perimeter||9 companies operating the solar PV plant, 1 operational asset and the management and land owner company|
|Sellers||+25 private investors|
|Mirabaud Role||Sole financial advisor to the process – sell-side|