ACS sells nine wind farms to two funds for €223m

Spanish infrastructure group ACS continues the divestment of its renewable assets, having just sold nine wind farms across Spain to two renewable energy funds for an enterprise value of €223.4 million, the company disclosed in a statement to the Spanish competition authority.

The buyers were Canepa Green Energy Fund I and II, two renewable energy funds managed by Canepa Asset Management. The wind farms are located across Spain in Galicia, Castilla La Mancha, Cataluña, and La Rioja and have a total capacity of close to 215 megawatts. ACS said the sale will net it €67.3 million in equity. The deal is still subject to the necessary regulatory approvals, the company added.

In early July, ACS agreed to sell 90 percent of its stake in two Andalucian thermosolar plants to infrastructure funds managed by RREEF and Antin Infrastructure Partners. The developer also divested five wind farms with a total capacity of 95 megawatts to Spanish energy operator Gas Natural Fenosa for €72.4 million, according to a Gas Natural statement.

In a previous statement to the Spanish competition authority, ACS estimated an enterprise value of between €920 million and €955 million for both the wind and solar sales. ACS said it expects to receive between €130 million and €160 million from the deals.

The thermosolar plants, known as Andasol I and Andasol II, are the first such plants in the world to have a storage system, according to European solar energy industry association Estela. The power plants, which are located near Granada in the southern Spanish province of Andalucía, can store energy for up to 7.5 hours.

A spokesman for ACS said the concluded sales amount to a small part of ACS’ 1,757-megawatt portfolio, with some 1,400 megawatts still up for sale. The majority of the remaining assets are in the wind sector although the developer still has to sell some five solar plants, the spokesman added.