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Spain

Spain

Aviva buys into Spanish wind

SPAIN: Aviva Investors has acquired a 49.4MW project in northern Spain from Element Power.

Aviva has acquired the Almatret wind farm near Lerida in Spain, which was built in 2010 and uses Vestas V90 2MW turbines. The purchase is part of its plan to build up a portfolio of renewable energy assets.

Speaking about the deal, Aviva fund manager Ian Berry said: "In a challenging macro-economic environment where yields remain low, especially on government bonds, institutional investors are looking for diversified sources of stable income.

"Almatret is representative of the asset and investment qualities we are seeking for our portfolio – seasoned, essential power generating assets, with a defensive investment risk profile, that have the potential to deliver quality yields for such investors. We look forward to working with Element Power on other investment opportunities of interest."

Element chairman Pedro Barriuso said: "Element Power is pleased to be working with leading global investors such as Aviva Investors and SachsenFonds who see the quality of our renewable energy projects. Transactions like this continue to create value for our shareholders and demonstrate the value created in the projects we develop and in the strategy of our company."

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