The Diplomat
Naturgy has bought 100% of ASR Wind, owned by infrastructure fund Ardian, for 650 million euros, which will allow it to add to its renewable portfolio 422 megawatts (MW) distributed in 12 wind farms in operation in Spain, as well as 435 MW of photovoltaic solar parks under hybridisation that are being developed by AGR-AM, the renewable asset manager that works exclusively for Ardian in Spain and Latin America, reports Europa Press.
As announced yesterday by the company chaired by Francisco Reynés and the infrastructure fund Ardian, the acquired portfolio has the possibility of repowering the wind facilities at the end of the useful life of all farms, expected, on average, in 16 years.
The wind projects acquired by Naturgy, which came into operation between 2005 and 2012, are located in Castilla y León (5), Castilla La Mancha (3), Catalonia (2), Galicia (1) and Andalusia (1).
According to Naturgy, the farms are located in areas with “high wind resource” and where the company already has projects in operation, both solar and wind, so the purchase will generate “operational synergies”.
The acquisition, which does not incorporate additional operational staff, will strengthen the supply of green energy to Naturgy’s customers and is expected to be completed by the end of July, once Naturgy completes the procedures required by the authorities.
“These parks acquired from the infrastructure fund Ardian have an excellent strategic fit, meeting the investment parameters of our company and demonstrating that financial discipline and inorganic growth are compatible to create value,” said the executive chairman of the energy company, Francisco Reynés.
For his part, Naturgy’s General Manager of Renewables, Jorge Barredo, highlighted that the immediate integration of these 12 wind farms will allow Naturgy to complement its wind portfolio in operation in Spain, in sites with high wind resources, located near its own renewable generation assets. “This is a growth opportunity fully aligned with our growth strategy in Spain through proven renewable generation technologies,” he added.
Naturgy currently has 88 renewable projects in operation in Spain, totalling 2,300 MW. Specifically, it has 26 operational projects in Castilla y León; 16 in Castilla La Mancha; 17 in Galicia; 6 in Andalusia and 4 in Catalonia, in locations close to those now acquired from Ardian Infrastructure.
Thus, through this transaction, Naturgy will boost its presence in the Spanish renewable market, where it has more than 1,000 MW under construction, which will be operational before the end of 2024.
The company currently has more than 5.5 gigawatts (GW) of renewable power in operation worldwide and has a development portfolio of more than 195 projects in Spain, Australia and the United States.
Ardian said in a statement that it has 1GW of development in Spain and Italy that have been excluded from the transaction with Naturgy.
Ardian acquired a 95% stake in ASR Wind in 2019, which was the first investment of its fifth generation fund, Ardian Infrastructure Fund V. The remaining percentage is owned by Exus Management Partners, which will also exit the company’s shareholding following the deal.
“We are very pleased with the signing of this transaction. Our team has been a pioneer in Spain in its commitment to wind and solar hybridisation, optimising the evacuation capacity and enhancing its industrial value, as demonstrated by the great interest generated in the market for this portfolio. In addition, together with the AGR-AM team, we will continue to develop the 1GW portfolio by continuing to create value,” said Juan Angoitia, co-head of Infrastructure Europe at Ardian.
For this transaction, Ardian has received financial advice from Santander and BBVA and legal advice from Clifford Chance.
