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Spain

Spain

ACS sells 443MW to private equity group

SPAIN: Spanish construction giant ACS has sold a portfolio of 11 wind farms for €596.5 million to a consortium of private equity funds.

London–based fund manager Bridgepoint led the consortium in the transaction and on Friday announced that it was appointing former Acciona chief financial officer Josu Arlaban to be chief executive of its newportfolio.

The 11 wind farms are in the Castile and León region of northwest Spain and have a combined installed capacity of 443MW.

Arlaban said: "Our aim is to build a strategic asset through greater efficiency and selective acquisitions whichwill be highly attractive to utilities or energy companies keen to increasetheir exposure to the renewable energy industry and to one of the most important countries for renewable energy."

The portfolio's existing project finance facilities are expected to rollover as part of the transaction. Advisers involved in the transaction were: for Bridgepoint – Citi and 360 Corporate (corporate finance), KPMG (financial and tax due diligence), BCG (market), Allen & Overy (legal), Marsh (insurance); for ACS - Mediobanca and Société Générale (corporate finance), Deloitte (financial DD) and Clifford Chance(legal and tax).

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