ACS sells solar plants to RREEF, Antin

The Spanish infrastructure group has also agreed to sell five wind farms to Gas Natural Fenosa. ACS expects to gain up to €160m from the sales.

Spanish infrastructure developer Grupo ACS has agreed to sell 90 percent of its stake in two Andalucian thermosolar plants to RREEF Pan European Infrastructure Fund (RREEF) and Antin Infrastructure Partners (Antin).

ACS has also agreed to sell 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 statement to the Spanish regulatory agency Comisión Nacional de Mercado de Valores, ACS estimated an enterprise value 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.

Andasol is not the first solar investment for Antin, a Paris-based fund manager that closed its debut infrastructure fund on €1.1 billion last year. In May, Antin acquired three Italian solar plants from renewable energy company Kinexia in a deal valued at €103 million.

RREEF, the alternative investment arm of Deutsche Bank, raised €2.1 billion  for its first infrastructure fund, which closed in 2007. As of March 31, 2011, the fund has invested in 10 European assets.

RREEF has also raised €620 million for its second infrastructure fund, and is aiming to hold a final close on €2 billion to €3 billion next year.