Clifford Chance has advised Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, on the sale of a 51% stake in the Goya wind project to Engie, which includes seven wind farms located in the province of Zaragoza (Spain), with a total power capacity of 194 MW and which have been operational since 2020.

The Goya project is a unique and emblematic portfolio in the Spanish market, as it was the first renewable project to be built without subsidies in Spain and the first to sign a corporate Power Purchase Agreement (PPA).

This transaction illustrates the relevance of Mirova’s approach since the launch of its energy transition platform, which brings its know-how to invest in greenfield projects and demonstrates how institutional investors can contribute to the energy transition while achieving financial performance. With the realisation of this divestment, Mirova should be able to offer double digit return to its investors in this MEF3, which will reach end of life in 2024.

The Clifford Chance team advising on the transaction was led by Corporate / M&A Counsel Javier Hermosilla, supported by associates Íñigo Navarrete and Sofía Albiñana. The team also included Counsel Begoña Barrantes and associate Clara Iglesias from the Antitrust department and Counsel Fernando Giménez-Alvear from the Litigation & Dispute Resolution department.