Lisbon, December 21, 2020 – Morais Leitão, through its M&A and energy team led by partner Ricardo Andrade Amaro, advised EDP on the sale of six dams (large hydroelectric plants) to a consortium led by Engie and formed by Mirova and Crédit Agricole Assurances. The deal, announced at the end of 2019, was finally concluded on 17th December.
Morais Leitão’s M&A and energy team also included senior lawyer Diana Ribeiro Duarte and associates Helder M. Mourato, Joana Alves de Abreu, Rute Carvalho da Silva and Vanessa Ferreira Santos. The participation of partner Miguel Nogueira de Brito and consultant Diana Ettner in the public law area and partner Pedro Gouveia e Melo in advising on European law and competition is also noteworthy.
The deal concluded by EDP is historic and innovative. It is the first time that a concessionaire has sold this type of asset (large hydroelectric plants). On the other hand, it was the largest deal ever made in the Portuguese energy sector and certainly one of the largest ever in the Portuguese market, worth 2.2 billion euros.
It was the culmination of a process of legal complexity due to the size of the business, the type of assets involved and the regulatory authorisations required to carry them out.
The consortium was advised by the M&A team of Bredin Prat - Paris (Kate Romain) and had the local support of Cuatrecasas (Francisco Santos Costa and Miguel Lencastre Monteiro).