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  1. Innovation
    1. Davos: winning trust in a digitalised, connected world
    2. Using technology to serve our clients
    3. Finding the balance: human touch versus high tech
    4. Connected Future: a global infrastructure report
    5. ShopBack seals latest major fundraising in Singapore
    6. FinTech reshapes financial services as sector booms
    7. WeWork: pioneering a new way of office working
  2. Anticipation
    1. Tristan completes EPISO 5 fund raise amidst political turbulence
    2. New challenges in a changing world
    3. Portuguese renewable energy sector heats up with EUR 600m Novenergia sale
    4. Coty picks CMS as global adviser following beauty parade
    5. E-Procurement sets new commercial tone for EU contractors
  3. Supporting Growth
    1. Liberty sells European assets to Vodafone in EUR 18.4bn mega-deal
    2. Cinven acquires PPF as European pet food market flourishes
    3. Advent seals EUR 1.9bn Zentiva deal as healthcare booms
    4. Advance takes centre stage with theatre group acquisition
  4. Managing Risk
    1. Protecting trade marks across Europe
    2. Markel takes Hippo to task in complex insurance arrears dispute
    3. New lab services agreements for Honeywell following Homes spin-off
    4. Creating a tax-effective structure for a private equity investment
    5. Climate change liability – new litigation risks
  5. Inside CMS
    1. Facing the future
    2. CMS breaks ground with first global tech start up programme, equIP
    3. From China to Chile: cultural differences and the ties that bind
  6. CSR and Diversity & Inclusion
    1. Helping to achieve a better world
  7. Interviews
    1. Interview with Olga Belyakova
    2. Interview with Jeremy Tan
    3. Interview with Laura Houet
    4. Interview with Ramón Huapaya
    5. Interview with Daniela Murer
    6. Interview with Christopher Jordan
    7. Interview with Herman Boersen
    8. Interview with Sibylle Schnyder
    9. Interview with Clemens Grossmayer
    10. Interview with Robert Stephen
    11. Interview with Mary Allan
    12. Interview with Matias Somarriva
    13. Interview with Denis Redon
    14. Interview with Joaquim Sherman de Macedo
    15. Interview with Eleanor Lane
    16. Interview with Niklas Zaugg
    17. Interview with Joachim Kaetzler
    18. Interview with Andreas Otto

Portuguese renewable energy sector heats up with EUR 600m Novenergia sale

"This was an extremely competitive, fast-moving transaction for a much-coveted asset."
Partner Energy CMS Lisbon

Novenergia is the holding company of one of Portugal’s biggest producers of renewable energies, Generg. It has 657MW in operation and 251MW to be implemented across several geographies. Its sale was preceded by a hotly-contested auction process  which started at the end of last year.

Three companies submitted bids for the company: North American fund, Contour Global; French corporate, Total; and First State Investments, which already owned Portuguese company, Finerge, the third largest portfolio of wind parks in Portugal.

A cross-border CMS team of lawyers from Bulgaria, France, Hungary, Italy, Luxembourg, Poland, Portugal and Spain advised Contour Global on the potential acquisition.

CMS Lisbon partner Mónica Carneiro Pacheco said, “We first started looking at this deal for the client in 2016 but it wasn’t until late last year that the auction process really started after an aborted transaction with Chinese energy company, Datang. This was an extremely competitive, fast-moving transaction for a much-coveted asset.”

CMS Lisbon partner Francisco Xavier de Almeida added, “In addition to the timing pressures (we had very tight deadlines for the different workstreams), the deal was complex due to the number of jurisdictions involved, the size of Novenergia and some contingencies that we came across during the course of our legal due diligence. We also needed to negotiate the share purchase agreement and undertake additional compliance and environmental and health and safety due diligence.”

Power from renewable energy sources met over half (55.1%) of Portugal’s electricity demand in 2018, according to data from the Portuguese Association of Renewable Energy.

Key contacts

Mónica Carneiro Pacheco
Mónica Carneiro Pacheco
T +351 210 958 100