Vector Renewables, legal advisor in the merger and corresponding change of ownership of a significant portfolio of the Sonnedix Group.

Vector Renewables' Legal department has successfully concluded the corporate restructuring of one of the main portfolios of photovoltaic assets in the Sonnedix Group's portfolio. The successful completion of this process adds to the portfolio of services concluded by this same line with similar scope, being this the last one of several mandates successfully concluded.

The projects that are part of this portfolio are in operation and are under the Special Regime, under the economic regime stipulated in Chapter IV of the Royal Decree 661/2007, which regulates the activity of electricity production under the special regime.

Following the entry into force of the Law 24/2013, December 26, 2013 on the Electricity Sector, which has been developed, in terms of renewable plants, by RD 413/2014, it should be noted that with the current regulatory framework, restructuring processes such as mergers, are really attractive for cost saving purposes, given that the previous legal requirement to incorporate a company for each 100Kw installation is no longer a factor that influences the remuneration of the installations, producing significant savings with the extinction of the multiple companies that, in the past, were incorporated, attending to that legal requirement included in the aforementioned Royal Decree 661/2007.

Vector Renewables' Legal department has carried out all the necessary commercial procedures to formalize the corporate restructuring, being the merger the basis thereof, as well as all the necessary procedures to successfully conclude the change of ownership of the corresponding permits, licenses and authorizations resulting from such change of ownership, i.e., including but not limited to, obtaining the resolutions in favor of the change of ownership issued by the different autonomous organisms, processing of the same before the Specific Remuneration Regime Register (ERIDE), communication to the National Markets and Competition Commission (CNMC), negotiations with the market representative, Red Eléctrica Española (REE), replacement of all the guarantees granted, etc.

About Sonnedix

Sonnedix is a renewable energy producer (REP) with a track record of over a decade of sustainable growth. Sonnedix develops, builds and operates long-term renewable energy projects, focusing on providing green and affordable electricity to our customers, and acting as a true social citizen wherever it operates.

Sonnedix currently has a total capacity of over 7GW, including a development project of over 5GW, in Chile, France, Germany, Italy, Japan, Poland, Spain, the United States and the United Kingdom. The company continues to expand its global presence in OECD countries through acquisitions and development of renewable energy projects.

About Vector Renewables

Vector Renewables has provided services in more than 40 countries. It has a portfolio under management of more than 5 GW, has performed more than 100 GW of services as technical advisor and 5 GW as legal and financial advisor. The company has participated in more than 3,000 projects, which has positioned it as one of the most relevant independent advisors in the renewable energy sector worldwide.

From its Legal department, Vector Renewables has participated as legal advisor in several dozens of corporate restructurings, which implicitly entail the corresponding change in the legal structure of the company.

The company's competitive advantage is its in-depth knowledge of the sector, as well as its good relationship with the main players involved in this process.