Big funds move from bricks and mortar to energy sector
Both KKR as Cerberus which had traditionally invested in the real estate sector in Spain, have taken the step to invest in the energy sector and have led the largest deals in the sector.
Cerberus, which is known in our country for the purchase of Sotogrande, a subsidiary of NH, has now purchased Renovalia controlled by the Ortega family, which is considered one of the largest renewable energy companies in Spain.
The sale of Renovalia is another step in the reorganisation of the renewables map in Spain. T-Solar, part of the Isolux group, is for sale and Eolia is also looking for a buyer.
KKR bought Gestamp Solar's 80% in July for $800M with the aim of leading the wind power market in 5 years.
"KKR has recently taken further steps towards this goal and has signed an agreement with Acciona to acquire a one-third stake in the company. ACCIONA Energía Internacional for €397 million and will contribute to the financing of the future growth of its portfolio. ACCIONA Energy will retain the remaining two-thirds of AEI's capital. KKR is making the investment through its global infrastructure fund," says Diego Gutiérrez.
"Over the last few years, KKR has invested more than 2,000 million euros in Spain, where it has a portfolio of eight companies: Telepizza, Acciona Global Renewables, Uralita, Portaventura, Saba, Grupo Alfonso Gallardo, T-Solar and the Nassica and Vista Alegre shopping centres," says Diego Gutiérrez.
New funds in the energy sector in 2015
Aleph Capitala private equity firm specialising in taking stakes in renewable energy projects, launched in August the renewable energy fund Aleph Renovables Mexico with an initial committed capital of €45M.
The fund, which has already been approved by the CNMV, will be controlled by Alfonso Botín and will focus its activity in Mexico, where it plans to acquire projects with a generation capacity of between 25-40 MW, with an average investment of between $10 and $20 million (€9-€18 million) per transaction.
The Santander created in April this year a $2,000M renewable energy and water infrastructure fund together with the Canadian pension funds Ontario Teachers' Pension Plan and the Public Sector Pension Investment Board. The Cubico Sustainable Investments fund is headquartered in London and will invest in clean energy and water assets around the world.
Furthermore, in September of this year COFIDES reached an agreement with Argo Capital Partners to participate in a fund for the development of renewable energy projects in Chile with the participation of Spanish companies.
Argo Capital Partners will manage this 10-year venture capital fund, which is intended to provide equity financing to companies operating non-conventional renewable energy generation plants, with a particular focus on biomass, biogas and mini-hydro technologies.
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