Shearman & Sterling advised the private equity arm of EFG Hermes, the leading investment bank in the Arab world, as sponsor on the financing and private equity aspects of the acquisition of 49% of EDP Renewables France and certain related inter-company debts.
EDP Renewables France is a subsidiary of EDPR (Energias de Portugal Renovaveis), one of the most prominent renewable energy leaders in the development, construction and operation of assets in their geographic areas. The company operates 33 wind farms in France with a total capacity of 334 megawatts.
This transaction, with a value of about €160 million, is the first direct foreign investment by EFG Hermes outside Africa and the Middle East. EFG Hermes will manage the acquisition investment vehicle, which is mainly funded by GCC investors funds and loans from leading European banks, while EDPR Renewables France will continue to supervise the wind farms operations.
Shearman & Sterling, with partners Pierre-Nicolas Ferrand (Paris-Finance) and Marwan Elaraby (Abu Dhabi-Project Development & Finance) and counsel Philippe Wolanski (Paris-Finance), advised Vortex and EFG Hermes on the financing and private equity aspects. Partner Niels Dejean and counsel Anne-Sophie Maes (both Paris) advised on tax aspects.