DIF Infrastructure III has signed a share purchase agreement with Longsol B.V. for the acquisition of 100% of the shares of the 8.9 MW Valence sur Baïse and 10.7 MW Saint Leger solar projects located in South-West France.
The projects reached commercial operation at the end of 2011 and sell power pursuant to 20 year French feed-in-tariff contracts.
The ground-mounted plants are equipped with polycrystalline solar panels and the operation & maintenance is undertaken by the Spanish EPC contractor TSK. Long term project financing is in place for both projects.
The share purchase agreement has been signed with closing expected to occur in July 2015 on the completion of a number of conditions.
The seller, Longsol B.V., is a fully-owned subsidiary of Madrid-based Longsol International, which owns and operates utility-scale solar photovoltaic plants. The group currently manages a portfolio of circa 100 MW in France, Spain and the US.
DIF is advised by CGR Legal (legal), OST Energy (technical) and Fidal (tax), while Longsol is advised by De Pardieu Broccas Maffei (legal).