Watson Farley & Williams (WFW) has advised Caisse de dépôt et placement du Québec (CDPQ) on its acquisition of a large-scale photovoltaic (PV) portfolio, with a total capacity of circa 216 MW located in several Spanish regions, from Q-Energy.

The portfolio comprises 73 plants which produce over 355,000 MWh annually, representing enough clean electricity to supply more than 115,000 households.

The transaction was made via the acquisition of the portfolio companies owning the plants and represents CDPQ’s first energy and infrastructure equity investment in Spain.

Acting as transaction advisors, WFW has advised on all legal aspects, carrying out the due diligence process as well as the drafting and negotiation of the SPA, asset-related agreements and ancillary transaction documents.

“We are proud to advise CDPQ on its first equity investment in the energy and infrastructure sector in Spain and look forward to have the opportunity of working with them on further transactions. The Spanish market offers a range of opportunities for long-term institutional investors like CDPQ. Our knowledge of the Spanish market and of its regulations and key players, positions us as the go-to firm for complex legal advice in the field”.

María Pilar, WFW corporate partner and office head.