Future: Fast Forward accepts PERTE aid for electrification of sector and battery factory

Spain
Future: Fast Forward accepts PERTE aid for electrification of sector and battery factory
November 15, 2022
Cuatrecasas advised Future: Fast Forward, a consortium of 62 companies led by Volkswagen Group, on negotiating the agreements (click link) to request and implement the European aid under the Strategic Project for the Recovery and Economic Transformation (PERTE) of the electric and connected vehicle (“VEC")—together known as PERTE VEC—and is currently advising it on the complex issues that have arisen during the concession and acceptance process with the consortium.  The transaction, valued at €400 million, is aimed at creating the ecosystem required in the Spanish automotive sector to develop and manufacture electric and grid-connected vehicles. 

Accepting this aid marks an important milestone for the complete electrification of the country, and is the first and necessary step towards installing a battery plant in Sagunto (Valencia), which will involve an estimated investment of €10 billion. The objective of the project is to make Spain an electric vehicle hub in Europe.

Handling this matter, involving many legal challenges, are our partner Javier Fontcuberta  (Volkswagen Group’s main advisor), and our partner Víctor Manuel Sánchez, acting as secretary and legal advisor to the consortium's governing bodies, with the assistance of Miguel Weil. Héctor Bros and María Lérida advised the consortium on the financial aspects. Cuatrecasas is also advising on all the complex issues relating to building and implementing the factory through a team led by Luis Pérez de Ayala, Bernat Mullerat and Esteban Flores, and involving Amalur Marcos and Antonio Belda.

November 15, 2022