DLA Piper has advised AustriaSolar Group on the sale of its subsidiary AustrianSolar Chile Cinco SpA, to SunPower El Pelicano Holding Company SpA, an affiliate of SunPower Corporation.

SunPower Corporation’s majority shareholder TOTAL S.A. is one of the world’s leading companies in the energy sector, active in the field of conventional and renewable energies. The divested company owns a photovoltaic project in Chile (El Pelicano) which has a capacity of 100 MW (AC).

The El Pelicano Project, which is already under construction, is the first of five projects with a total volume of more than 500 MW (AC) which AustrianSolar intends to construct in Chile. DLA Piper assisted the client in structuring the investment, financing the development of the project, and advised on the M&A process in Chile.

Founded in 2006, with its headquarters in Austria, AustrianSolar is a global independent developer of utility-scale photovoltaic power plants with additional offices in Santiago de Chile, Chile and in Madrid, Spain. The company focusses on the development, construction, management and operation of photovoltaic power plants. It also identifies and manages green field projects, as well as early stage development projects, from the development stage through to completion.

The DLA Piper team was led by partner Dr Michael Burg, and included senior associate Timo Betjemann and associate Maren Beneke (all Corporate, Cologne), with assistance from a cross border team including: partners Dr Christoph Mager, Dr Christian Temmel (both Corporate) and Dr Christoph Urbanek (Finance & Projects), senior lead lawyer Dr Johanna Hoeltl (Corporate), senior associate Lothar Farthofer (Finance & Projects), associate Sarah Klaffner (Litigation & Regulatory, all Vienna) and counsel Bertrand Levy (Corporate, Paris).