Sale of 1,200 MWp Greenfield Photovoltaic Portfolio

Agere was appointed as exclusive financial advisor to Solarbay High Power, S.A. (“Solarbay”) for the sale of a greenfield photovoltaic portfolio in Spain. The aggregate equity disbursement for the portfolio acquisition lays over 110M€, while the subsequent construction investment exceeds 720M€


  • Solarbay has developed one of the largest greenfield photovoltaic portfolios in Spain and required an appropriate long-term equity partner capable of acquiring the equity interest in the portfolio and providing the related equity for construction.


  • Solarbay owns and develops a portfolio of 1,8 GWp of PV assets in Spain.
  • Solarbay sold its 100% stake in 4 SPV’s to Total Solar. The portfolio’s combined capacity reached 1,2 GWp.
  • Several closings within the portfolio, the first took place in March 2020, and next closing is expected to take place in September 2020.


  • The transaction highlights Agere’s capability to undertake highly complex transactions in Spain and elsewhere, under exceptionally challenging market conditions.
  • Agere was uniquely able to rapidly secure the required capital while maximising value for Solarbay.
  • Agere has a deep knowledge of Spain’s renewable energy market combined with its ability to deal with global infrastructure investment firms.


  • Definition of the selling strategy, reaching consensus within the shareholders of Solarbay and, the continuous review of the strategy.
  • Conducted a highly competitive bidding process with different phases and over 100 investors invited. Taylor-made selection process to grant the best suited investor able to cope with the portfolio’s size along with its development and merchant risks.
  • Reviewed extensive project materials and permits including: meeting with the different stakeholders, Ministry of Energy.
  • Prepared in short order different teasers, process letters and NDAs for distribution to investors.
  • Prepared and presented Solarbay and the wider investment community a proposed valuation, scenario analysis, funding schedule, transaction structure and process.
  • Assumed primary point of contact for all interested parties, ensuring timely information flow and due diligence management
  • Assisted in the drafting, negotiation and finalization of final term sheets, shareholder agreements and share purchase agreements.


Type: Equity Sale

Transaction Value: €110m+

Sector: Photovoltaic

Location: Spain

Deal Close: March 2020




About us

About us

Agere, has been founded by a group of highly qualified and experienced Corporate and Investment Banking professionals, with over 50 years of combined successful dedication. We offers a range of financial advisory and consultancy services across equity, debt and business development