The Seoul and Madrid offices of Herbert Smith Freehills have advised long-standing Spanish client Acciona Energia, on its KRW 162 billion (approximately US$150 million) sale of the Yeong Yang I wind farm in South Korea to a South Korean investment fund.

The Yeong Yang I wind farm, wholly owned indirectly by Acciona Energia, has a capacity of 61.5MW, and is located in the region of North Gyeongsang.

Seoul-based Herbert Smith Freehills partner Lewis McDonald led the transaction for Acciona Energía assisted by associate Tom Marshall (also of Seoul), and supported by Madrid-based Acciona Energía relationship partner Ignacio Paz and associate Andres Alfonso.  Korean law advice was provided by Edward Kim and Ho Joon Moon of Lee & Ko.  The buyer was advised by Kim & Chang and Clifford Chance.

Lewis McDonald said: "We are delighted to have assisted Acciona Energia on this strategic transaction – which represents the first completed M&A deal for the Seoul office since we opened earlier this year.  The deal very much played to our strength in the Seoul office in energy M&A and the client was provided with a genuine end-to-end service between Madrid and Seoul.  We expect this to be the model for future corporate transactions involving the Seoul office."