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Renewable energy, the main engine of the economy in 2021

| News | Real Estate

Antonio Ñudi analyzes the impact of the real estate sector on the Spanish economy in 2021

Renewable energies have been the queens of the Spanish economy in 2020, a situation that will be repeated in 2021, as this industry is the preferred one for investors, both national and international. This is the opinion of more than one hundred law firms that have participated in the 2nd Legal Expansion Report on the legal sector in Spain, which considers that this industry will be the true driving force of the Spanish economy in the coming months.

Not surprisingly, the energy sector has been one of the few that has barely suffered the consequences of the crisis caused by the coronavirus. This is confirmed by Roberto Pomares, a partner of King & Wood Mallesons, who highlights the high level of activity that the lawyers specialised in this market have had with the advice of operations as important as the purchase by Galp of the renewable assets of the ACS subsidiary Zero-E/Cobra for 2,200 million; the sale by the Portuguese energy group EDP of its B2C business in Spain to Total; or, above all, EDP's purchase of the Cantabrian company Viesgo, one of this year's star operations in which the Australian investment fund Macquarie received 2,700 million euros for 100% of Viesgo's assets. At the end of October, the European Commission gave the green light to the deal, considering that it does not raise competition concerns.

Antonio Ñudi, partner of Andersen's real estate area, says that we have a more professional, mature and healthy real estate sector that is better able to cope with the crisis. Furthermore, it will serve as a lever for economic recovery and employment if legal measures are taken to speed up administrative procedures, reduce cessions and make uses more flexible.

The full article can be read in Expansión

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