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Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Parquesoles
Case study
Parquesoles: sale of a regulated solar pv plant
Mirabaud acted as financial advisor to the vendors in the sale process of a regulated solar PV plant with dual-axis tracker technology.
About Parquesoles
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.
Transaction overview
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 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.
Mirabaud contribution and added value
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.
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.
Key data
| 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 |
| Enterprise value | Confidential |
| Mirabaud Role | Sole financial advisor to the process – sell-side |
Case Study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets