Pérez-Llorca represents Promigas on Zelestra renewables acquisition

Pérez-Llorca has advised Promigas on the acquisition of 100% of the shares of the companies that own and operate Zelestra’s renewable generation platform in Latin America, with assets in Colombia, Chile, and Peru.

The transaction covers a diversified portfolio of renewable energy projects with a total contracted capacity of approximately 1.4 GW, as well as an additional development pipeline exceeding 2.1 GW. The acquisition strengthens Promigas’s position in the regional renewable energy market and marks a significant expansion of its clean energy footprint across the Andean region.

Pérez-Llorca advised Promigas on all legal aspects of the transaction, which was conducted through a highly competitive sale process led by the seller.

 The firm supported the design and structuring of a complex cross-border acquisition spanning four jurisdictions, coordinated extensive due diligence with multiple advisors, and negotiated a binding share purchase agreement (SPA) focused on deal certainty while maintaining a competitive commercial approach.

The advisory work also included the negotiation of representation and warranty insurance (RWI), a product still novel in Latin America but widely used in comparable European transactions, as well as other transaction documents required to complete the acquisition.

The Pérez-Llorca team was led in Colombia by M&A partners Ana Cristina Jaramillo (pictured) and José Luis Suárez and in Spain by M&A partner Nasif Hamed.

Carey acted as Chilean local counsel to Promigas for due diligence matters, while Miranda & Amado advised Promigas as local counsel in Peru. Zelestra was advised by Uría as lead seller’s counsel, with M&A partner José Luis Suárez leading the team.