Madrid, Spain (March 5, 2019) – Eolia Renovables de Inversiones, S.C.R., S.A (“Eolia” or the “Company”) today announced that Alberta Investment Management Corporation (“AIMCo”), on behalf of its clients, has completed the acquisition of over 90% ownership in the Company from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), the global alternative investment management firm, and other minority shareholders. Financial terms of the transaction were not disclosed.
Eolia is a leading independent power producer in the Spanish renewable energy sector, engaged in the development, construction and operation of wind farms and solar photovoltaic plants. The Company currently manages a 669 MW portfolio 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.
Alejandro Cano, Managing Director at Oaktree, said, “We are very pleased with the progress we have achieved by working with Eolia’s management team over our holding period. We are convinced that Eolia’s platform is now ideally positioned to benefit from the significant growth that is expected in the sector. AIMCo is one of the most highly regarded investors in the world and we are confident that they are the ideal partner for Eolia going forward.”
Cristóbal Rodriguez, Chief Executive Officer of Eolia, 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.”
“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,” states Kevin Roseke, Director of Infrastructure Investments and Head of AIMCo’s London Office. “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.”
AIMCo was advised by RBC Capital Markets, Linklaters and Cuatrecasas.
Oaktree was advised by Cantor Fitzgerald and Perez Llorca