9 June 2020
Introduction
Eversheds Sutherland’s energy team takes CGN into Brazilian renewable energy market
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 renewable energy market. The acquisition is testament to 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.”
Jay Ze, Managing Partner, Eversheds Sutherland
jayze@eversheds-sutherland.com
