Acciona, AXA sign agreement to acquire 33.33% share in Acciona Energia Internacional

AXA Investment Managers - Real Assets and ACCIONA have signed an agreement with Kohlberg Kravis Roberts (KKR) under which both will acquire the 33.33% stake that KKR's infrastructure funds currently own in ACCIONA International Energy (AEI), along with some co-investors. The transaction has been structured and facilitated by Real Assets Advisers (RAA).

Under the operation, ACCIONA will increase its stake in AEI from the current 66.67% to 80.0%. AXA IM - Real Assets will acquire the remaining 20.0% stake, becoming a partner of ACCIONA in the renewable energy sector. ACCIONA intends to maintain a 75% interest in AEI, so that the subsidiary becomes part of its Spanish tax consolidation group. The company will look for possible investors who will acquire the additional 5% before the closing of the operation, scheduled for December 2020 and subject to the usual regulatory approvals.

AEI was created in 2014 to house the majority of ACCIONA's renewable energy generation assets outside of Spain at the time. KKR acquired a 33.33% stake in AEI, ACCIONA retaining the remaining 66.67% and continuing to manage the portfolio. AEI currently owns 52 renewable energy assets, mostly onshore wind farms, with a combined net generation capacity of 2.3 GW. The portfolio is spread across the world and the assets are mainly located in OECD countries such as the United States, Mexico, Canada, Italy, Portugal, South Africa and Australia.