European investors to acquire a major wind farm portfolio in northern Spain

Spain's Corporación Masaveu, through its investment arm Cefiro, has reached an agreement for the acquisition of Borawind wind assets, a Spanish wind energy portfolio management company, from London-based private equity firm Bridgepoint Capital. 

Other shareholders in Cefiro's stakeholders include Belgium's Korys, the investment arm of the Colruyt Group, and other Portuguese investors managed by the asset manager Exus Management Partners.

Bridgepoint Capital bought the wind farms from Spanish construction company ACS Group in 2012.

Jointly with Corporación Masaveu the rest of Céfiro's stakeholders are the Belgium's Korys, the investment arm of the Colruyt Group, and other investors managed by the asset manager Exus Management Partners.

Bridgepoint's website noted that the eight wind farms are worth €400 million (US$450.1 million), although the real value of the agreement has not been disclosed.

Borawind is a wind energy portfolio management company that comprises eight wind farms and five electric substations in Castilla y León. Therefore it is one of the largest non-utility owned platforms of wind energy plants in Spain, with 330 MW of installed capacity under management. The wind farms are the following:

• 49.6 MW El Perul
• 49.6 MW Lora I
• 49.6 MW Lora II 
• 46.5 MW Arroyal 
• 49.5 MW Lodoso
• 49.5 MW Marmellar 
• 24 MW Sargentes 
• 11.69MW La Lastra

Citi and BBVA acted as financial advisers on the sell-side. Allen & Overy was its legal adviser.

On the other hand, DLA Piper and Linklaters acted as legal advisers for the buyers.

The acquisition will be closed in the coming weeks, following approval from the regional authorities.

We have recently reported about the Cerberus Capital Management's acquisition of 100% of the share capital of four Spanish wind farms with an estimated enterprise value of US$193 million and aggregated capacity of 105.8 MW.