CMS Albiñana & Suárez de Lezo advises Iberdrola on the creation of a joint venture with Echelon (owned by the Starwood Capital fund) to build and operate data centres in Spain. This is the largest binding agreement of its kind in Europe between an energy company and a developer of this type of technological infrastructure.
Through this collaboration, Iberdrola will hold a 20% stake through its subsidiary CPD4Green and will be responsible for identifying and securing land with connectivity to the electricity grid where the centres will be developed. In addition, electricity will be supplied to the centres 24/7.
For its part, Echelon, a Dublin-based technology company owned by Starwood Capital Group, will own 80% of the company and will be responsible for the development, design and marketing of the data centre and the day-to-day management of the joint venture.
Iberdrola already sells more than 11 TWh to technology companies and operators of these infrastructures worldwide, making it a leader in the supply of electricity to data centres. In addition, its subsidiary CPD4Green, dedicated to facilitating the development of data processing infrastructures, already has a portfolio of sites for 700 MW in Spain and potential for another 5,000 MW.
The transaction was coordinated by our managing partner, César Albiñana, Corporate/M&A partner Ignacio Zarzalejos, and Public Law and Regulated Sectors partner Juan Moreno, as well as lawyer Ana Vázquez from the Corporate/M&A area.