Alberta Investment Management Corporation (AIMCo) has, on behalf of certain of its clients, entered into an agreement to acquire a majority stake in Eolia Renovables de Inversiones.
Eolia Renovables is a major independent power producer in the Spanish renewable energy sector from funds managed by Oaktree Capital Management (Oaktree) and other shareholders. The transaction is expected to close in the coming months.
AIMCo’s investment in Eolia Renovables provides its clients exposure to a company that owns a large portfolio of renewable energy assets with long-term revenues contracted under the Spanish regulatory regime, as well as, a pipeline of potential development opportunities in Spain. Eolia Renovables will complement AIMCo’s existing portfolio of global investments in utilities, power generation, and transportation of over $6.5 billion.
“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, states Ben Hawkins, Senior Vice President, Infrastructure & Timber. “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.”
Eolia chief executive officer Cristóbal Rodriguez said: “We are grateful to Oaktree and our shareholders for their significant contributions to Eolia over the past few years and for their continuous support, which has helped position Eolia today as one of Spain’s largest and most significant renewable independent power producers. We are looking forward to working together with AIMCo, at this exciting time in Spanish Renewables as the sector prepares to embark on its next chapter of growth and consolidation.”
Source: Company Press Release