LONDON, November 5, 2019 – Baker Botts L.L.P., a leading international energy and technology law firm, has advised Galp Energia SGPS S.A. (Galp), a Portuguese energy conglomerate, on a long-term framework agreement with X-Elio, a Spanish-based solar developer and operator, to enter into several synthetic power purchase agreements.
The transaction was led by London based Energy partner, James Douglass and associate, George Salter who both worked alongside Galp’s Group General Counsel, Rui de Oliveira Neves, as well as Miguel Gil, Ana Machado and Gisela Morgado de Andrade.
Galp and X-Elio will enter into a number of synthetic power purchase agreements covering a notional annual supply quantity of 358 GWh per year for a 12-year period.
The contracted supply will underpin several greenfield solar projects being developed by X-Elio in Spain.
“We are delighted to again be acting for Galp on this innovative transaction. The use of Corporate PPAs is becoming a clear trend in the UK and Europe as clients seek to hedge against electricity price instability and respond to stakeholder demands to source their energy needs in more innovative and sustainable ways. As we saw with this transaction, Corporate PPAs are also playing an important role in the development and financing of greenfield renewable generation projects as we move towards the post-subsidy era. We were pleased to be able to leverage off our significant experience in the US Corporate PPA market to assist Galp in this transaction,” said James Douglass.
For more information, please see Galp’s news release.
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