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Cerberus seals €130m Spanish wind refinancing

The refinancing of four parks delivering 106MW of power comes amid reports the US private equity firm is looking to sell the owner of the projects.

Spanish renewable energy company Renovalia has refinanced four wind farms with a combined capacity of 105.8MW in a deal worth €130 million.

Renovalia, which is owned by US-based private equity firm Cerberus, bought the projects from four different Spanish developers in February 2016, a transaction that had an estimated enterprise value of €175 million.

They had previously been financed by different banks under their respective project finance structures, said law firm WFW, which advised Cerberus on the transaction. The refinancing integrates the different deals under one arrangement financed by CaixaBank, Banco Bilbao Vizcaya Argentaria and Banco de Sabadell.

The portfolio includes the 20MW Sierra Sesnández project, the 30.6MW Loma del Capón site, the 30MW Magaz facility and the 25.2 MW Cova da Serpe II wind farm. They have varied operating dates, ranging from 2009 to 2016.

The refinancing comes amid reports in Spain stating that Cerberus is preparing to sell Renovalia, eyeing proceeds of about €1.5 billion, despite only completing a €1.1 billion deal for the company in early 2016. Renovalia declined to comment. Cerberus could not be reached before press time.

Renovalia’s portfolio consists of more than 805MW of wind and solar plants in operation and under construction across Spain, Mexico, Chile, Italy, Hungary and Canada. Among its acquired assets under Cerberus’ ownership includes a 34.3MW Spanish solar portfolio bought from Infracapital in December.