Herbert Smith Freehills advised Interogo's Infrastructure Fund in Acquisition of BRUC's Photovoltaic Assets
Herbert Smith Freehills advised Interogo's Infrastructure Fund in Acquisition of BRUC's Photovoltaic Assets
Herbert Smith Freehills, a leading international law firm, has provided advisory services to Interogo Holding and its infrastructure fund Inter Infrastructure Capital (IIC) in their agreement to acquire a 49 per cent stake in a significant portfolio of solar photovoltaic (PV) generation assets.
The portfolio, owned by the BRUC group, encompasses both operational and under-construction assets with a total capacity of 1,066 megawatts (MW).
Interogo, a foundation-owned investment group, specialises in direct investments primarily in the infrastructure sector, with a focus on European markets. Interogo's infrastructure investments are channelled through IIC, managed by Inter Fund Management, and benefit from advisory services provided by IH Infrastructure Advisors. In contrast, BRUC is a renewable energy company established by chairman Juan Béjar in late 2015. Currently, BRUC manages an impressive portfolio of 8,500 megawatts (MW) of renewable energy assets in Spain.
In this transaction, Interogo, as an asset-level investor, will join OPTrust and the Universities Superannuation Scheme (USS) as existing investors in the BRUC group. The investment is contingent upon obtaining specific regulatory approvals and satisfying customary closing conditions, as is typical in such transactions.
The joint team at Herbert Smith Freehills, comprised of professionals from both the London and Madrid offices, played a key role in advising on the transaction. Corporate partner Sarah Pollock led the team, working closely with counsel Miguel Fraga, senior associate Eliza Eaton, and associates Victoria Herce and Tihomir Svilanovic. The due diligence aspect of the transaction was led by partner Iria Calvino.
Sarah Pollock expressed her satisfaction in supporting Interogo's IIC with their strategic investment in BRUC's assets, highlighting the significance of the transaction and the successful outcome achieved.
“It demonstrates our strengths in combining deep knowledge of the renewable energy sector with our expertise in advising on complex transactions across multiple jurisdictions and through our global network,” Pollock stated.
