Linklaters and Pérez-Llorca advise on €1.4bn Eolia deal

Linklaters advised Alberta Investment Management Corporation (AIMCo) on its acquisition of a majority stake in Spanish renewable energy company Eolia Renovables.

The stake was acquired from Oaktree Capital Management, which instructed Pérez-Llorca on the deal.

The transaction was valued at €1.4 billion, according to Mergermarket.

AIMCo’s portfolio of global investments in utilities, power generation, and
transport is valued at more than $6.5 billion. In total, AIMCo’s investments are valued at more than $107 billion. It invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta.

Eolia Renovables focuses on the development, construction and operation of onshore wind farms and solar photovoltaic plants. The company currently has a portfolio of 38 assets with a net attributable capacity of approximately 669 megawatts.

An AIMCo statement said it investment in Eolia Renovables “provides its clients exposure to a company that owns a large portfolio of renewable energy assets with long-term revenues contracted under the Spanish regulatory regime, as well as a pipeline of potential development opportunities in Spain”.

Ben Hawkins, senior vice president, infrastructure & timber at AIMCo, said: “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. “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 capitalise on further growth opportunities in the Spanish market.”

Cristóbal Rodriguez, chief executive officer of Eolia, said: “We are grateful to Oaktree and our shareholders for their significant contributions to Eolia over the past few years and for their continuous support, which has helped position Eolia today as one of Spain’s largest and most significant independent renewable power producers. We are looking forward to working together with AIMCo, at this exciting time in Spanish Renewables as the sector prepares to embark on its next chapter of growth and consolidation.”

Ben Cook