French Engie Energy Services International and Portuguese EDP Renewables, who held a 54.4 and 25 per cent stake respectively in Windplus, have sold the total of a 79.4 stake to OW Offshore for an amount of €61 million in cash.

Ocean Winds (OW) is the result of a Joint Venture controlled in equal parts by EDP Renováveis and Engie. It is headquartered in Madrid and acts as the exclusive investment vehicle of both companies to capture offshore wind energy opportunities worldwide, floating and fixed.

With this deal Windplus will develop an offshore wind project and be active in the generation and wholesale supply of electricity in Portugal. The Windplus consortium comprised EDP Renewables (54.4%), Engie (25%), Repsol (19.4%) and Principle Power Inc. (1.2%). The transaction was the deal of the month in TTR´s Iberia August report.

VdA´s team advising Engie and EDP comprised partner and head of the Energy & Natural Resources area Ana Luís de Sousa (pictured left) and M&A partner Cláudia da Cruz Almeida (pictured right), assisted by M&A associate Domingos Freire de Andrade and Energy & Natural Resources associate Maria Gorjão Henriques.

OW Offshore was advised by Morais Leitão.

Source: Iberian Lawyer - Spain