By: Steven Ongenaet
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Advising CDPQ and CKD Infraestructura México on the tax aspects of the acquisition of an 80% stake in a portfolio of renewable energy projects.
Nader, Hayaux & Goebel assisted CDPQ and CKD Infraestructura México in performing the tax due diligence of the nine companies involved, as well as in struturing the transactioin whereby CDPQ and CKD Infraestructura México acquired an 80% stake in a portfolio of renewable energy projects developed by Enel in Mexico for US$1.35 billion. Enel will retain a 20% stake in the plants and it will continue to operate them under engineering, procurement and construction contracts and long-term asset management agreements. Nader, Hayaux & Goebel will also continue to assist CDPQ and CKD Infraestructura México in implementing the transaction once it closes.
The transaction involved three different jurisdictions and three companies with very different profiles: a Canadian institutional investor who manages pension funds (CDPQ), a Mexican investment vehicle for Mexican pension funds (CKD Infraestructura México), and an Italian energy company (Enel). The transaction was particularly complex as it required that the structure consider the different tax regimes applicable to each of the participants, while also considering the possibility of new projects being added to the structure in the future.