UK’s Lancashire County Pension Fund acquires minority interest in Portuguese wind portfolio
Lancashire County Pension Fund (LCPF) has recently announced that it has entered into a definitive agreement with EDF Energies Nouvelles, under which LCPF will acquire a significant minority equity stake in EDF Energies Nouvelles’ Portuguese wind assets.
Through this acquisition LCPF will become a long-term partner in EDF Energies Nouvelles’ sizeable portfolio of approximately 500 MW of gross capacity that ranks amongst the top 5 wind platforms in Portugal.
Mike Jensen, Chief Investment Officer of LCPF, said:
“LCPF is very enthusiastic about the perspective to become the long term strategic partner of EDF Energies Nouvelles in Portugal and looks forward to developing and strengthening this partnership in the future. LCPF is looking for reliable long-term income yields to match its long-term liabilities and, in this context, we believe that this acquisition fully fits the fund’s strategy.”
Nicolas Couderc, Senior Vice President, Strategy and M&A, EDF Energies Nouvelles, said:
“This strong partnership with Lancashire County Pension Fund is an integral part of EDF Energies Nouvelles’ growth strategy. It conveys our ambition to seize opportunities together in renewable energy on the Portuguese market.”
LCPF has been advised by Santander Corporate & Investment Banking (France & Portugal) and Uría Menéndez - Proença De Carvalho.
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