Eolia Renovables de Inversiones announced that Alberta Investment Management (AIMCo), on behalf of its clients, has completed the acquisition more than 90% ownership in the company from funds managed by Oaktree Capital Management, and other minority shareholders.


Image: Eolia is an independent power producer founded in 2007. Photo courtesy of rawpixel on Unsplash.

Eolia, an independent power producer founded in 2007, is engaged in the development, construction and operation of wind farms and solar photovoltaic plants in the Spanish renewable energy sector.

Presently, the company manages a 669MW range of renewable energy assets with long-term contracted revenues under the Spanish Renewables regulatory regime, and has an attractive pipeline of development opportunities in Spain.

Eolia chief executive officer Cristóbal Rodriguez said: “We are grateful to Oaktree for their support as we worked together to bring about changes that accelerated the company’s growth and created value for all stakeholders. We look forward to collaborating with AIMCo to continue to develop and strengthen our platform and to capitalize on growth opportunities in the Spanish market.”

Financial terms of the acquisition were not revealed by the companies. The acquisition was originally announced in November 2018.

AIMCo, a Canada-based institutional investment management company established on January 1, 2008, has more than $80.8bn of assets under management, operates with a mandate to provide superior long-term investment results for its clients.

AIMCo infrastructure investments director and London office head Kevin Roseke said: “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.”

Oaktree is an international investment manager specialized in alternative investments, with $120bn in assets under management.

RBC Capital Markets, Linklaters and Cuatrecasas have advised AIMCo in this acquisition and Oaktree was advised by Cantor Fitzgerald and Perez Llorca.