Swiss-based buyout house Rive Private Investment has teamed up with Spain’s JB Capital Markets to acquire two Iberian wind farms with a combined capacity of 28MW.
The 15.3MW Sierra de Aguas and the 12.8MW Sierra de Baños projects in Andalusia have been operational for nine years and were bought from Aprovechamiento de Recursos Eólicos, a local developer.
The deal’s structure will see Rive and JBCM split the equity 85:15, and both partners have also secured a refinancing agreement with Banco Sabadell. The transaction represents the first renewables deal in Spain for Rive, which has already financed 420MW of projects in other markets. It is also JBCM’s first-ever renewable energy investment.
Rive said the investment showed that the once-great Spanish renewable energy market was becoming more active again. The country is set to host a 3GW auction later this year and its secondary market continues to thrive, with JPMorgan-owned power producer Sonnedix buying 136MW of solar earlier this month.
“We are convinced we will realise more investments in Spain in the near future not only in this sector but across all the asset classes we target: infrastructure, real estate, mezzanine debt and tangible asset financing,” said Jean-Philippe Olivier, managing partner at Rive. “This park is a great way to start with a resilient asset through high-wind resource but offering as well upside opportunities through repowering.”