Cobra acquires Spain’s Bow Power for USD 96.8 million

ACS, through its subsidiary, Cobra, has acquired 100% shares of Bow Power by buying the 49% stake that the US GIP fund had in Bow Power for US$96.8 million. Bow Power is a company dedicated to promoting all types of renewable energy generation facilities.

Cobra is now building various facilities in different locations of the country after gaining capacity in the latest auctions.

Bow Power is the company that ACS and GIP constituted. In 2014, ACS decided to separate and integrate their assets to Saeta. In 2015, they brought it back to the stock market. Bow Power, ACS and GIP preferred Saeta to buy the green energy facilities that they built and put up for sale based on their agreement.

In 2018, ACS and GIP agreed to sell the 24.5% stakes they had in Saeta respectively to Brookfield. The process led to the exclusion of Saeta de Bolsa. Because of this, the agreement that this firm maintained with its ACS and GIP shareholders through Bow Power for the purchase and sale of renewable assets also broke down. However, Bow Power sells to other operators, such as, Red Eléctrica Internacional, who bought the concession for a high voltage line in Peru for 205 million dollars last December 2018.