Cerberus acquires four Spanish wind farms

Watson Farley & Williams has advised Cerberus Capital Management on the acquisition of 100% of the share capital of four Spanish wind farms with an estimated enterprise value of US$193 million.

With an aggregated capacity of 105.8 MW, the four wind farms are the following:

Sierra Sesnández 20 MW wind farm. Located in Riofrío de Aliste (Zamora), the farm generates 46 GWh annually, enough to power the consumption of 13,270 households. The wind farm represented a total investment of US$36 million. It was developed jointly by Sinia Renovables and COMSA EMTE, and it was completed in 2012. It was built with 10 wind turbines Gamesa G97 / 2000 with power 2,000 kW and diameter 97 meters.

The Loma del Capón 30 MW wind farm located in Albuñuelas (Granada) generates 81 GWh annually, enough to power the consumption of 12,000 households. The wind farm represented a total investment of US$38 million. It was developed by Viento y Energía (VYE) and it was completed in 2012. The farm comprises 17 wind turbines Vestas V100 1,8 MW and diameter 100 meters.

Magaz 30 MW wind farm located in Palencia. The farm comprises 15 turbines Vestas V90/2,000 diameter 90 meters.

Cova da Serpe II 25,2 MW wind farm located in Lugo generates 67 GWh annually. The wind farm represented a total investment of US$30 million. It was developed by Parque eolico Cova da Serpe and it was completed in 2010. The farm comprises 3 Vestas V90/3,000 and diameter 90 meters, plus 9 wind turbines Vestas V90/1,800 and diameter 90 meters.

Cerberus acquired the projects from Sinia Renovables (Sabadell Bank), Comsa Renovables, Esif and Renovis respectively.

The Madrid-based team advising Cerberus was led by Spain Managing Partner and Corporate Head María Pilar García Guijarro, assisted by corporate associate Rosana Segado and other members of the Corporate team. Partner David Diez advised on regulatory matters, and senior associate José María Anarte on the banking and finance aspects of the transaction.

María Pilar commented:

“Advising Cerberus on this matter, as well as on their €1bn acquisition of Renovalia in January and the acquisition of the Turó del Magré and Pujolt wind farms last summer, demonstrates their confidence in WFW as the go-to firm for advice on their Spanish operations. It also reaffirms the attractiveness of the Spanish renewable sector to international investors such as Cerberus, who clearly recognise Spain as an exciting investment opportunity”.