Eolia currently manages a renewables portfolio with a total generation capacity of 669MW. Image: Sterling College / Flickr
The Alberta Investment Management Corporation (AIMCo) has completed the acquisition of over 90% ownership in Eolia Renovables de Inversiones through funds managed by Oaktree Capital Management. Financial terms of the transaction were not disclosed.
Eolia is an independent power producer (IPP) in the Spanish renewable energy sector that focuses on the development, construction and operation of wind farms and PV installations. Eolia currently manages a renewables portfolio with a total generation capacity of 669MW, with these assets locked into long-term contracted revenues under the Spanish Renewables regulatory regime.
Alejandro Cano, managing director at Oaktree, said: “We are very pleased with the progress we have achieved by working with Eolia's management team over our holding period. We are convinced that Eolia's platform is now ideally positioned to benefit from the significant growth that is expected in the sector. AIMCo is one of the most highly regarded investors in the world and we are confident that they are the ideal partner for Eolia going forward."
Kevin Roseke, director of infrastructure investments and head of AIMCo's London Office, added: "AIMCo is very pleased to become the majority shareholder in Eolia Renovables. The Company's portfolio of regulated renewable energy assets is highly attractive for AIMCo as a long-term investor. The investment fits well with our investment experience in the renewable energy sector and our ambition to place investments in core geographies in continental Europe. We look forward to working with the management team in the coming years to capitalize on further growth opportunities in the Spanish market."
The Intersolar organizers have teamed up with SolarPower Europe and Spanish Solar Association, UNEF, to shed light on Europe's new solar boom market – Spain. Intersolar Summit Spain takes place in Barcelona on June 18, 2019. We are going to discuss the PV market development in Spain, the chances and opportunities of the announced grid parity, corporate sourcing models, regulation and policy issues. The event will bring together the key stakeholders in this market, which is being driven by auctions and increasingly by subsidy-free corporate sourcing of solar power.