Brookfield discussing up to EUR-700m Bow Power acquisition - report

Wind park in Abla, Spain. Author: JJ Merelo. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

August 8 (Renewables Now) - Canada-based Brookfield Asset Management Inc (TSE:BAM.A) is holding talks to acquire Spanish firm Bow Power, whose portfolio includes solar thermal and wind power plants among other assets, El Economista reports.

According to the newspaper, the acquisition of Bow Power could be worth between EUR 500 million (USD 579m) and EUR 700 million. The Canadian asset manager’s unit TerraForm Power Inc (NASDAQ:TERP) recently acquired Spanish yieldco Saeta Yield SA (BME:SAY) which has the right of first offer (RoFO) for the purchase of assets developed by Bow Power once these are operational.

The target's portfolio includes 150 MW of concentrated solar power (CSP) capacity, according to its website. El Economista says these will be excluded from the transaction and remain with subsidiary Cobra. Other assets held by the company include 204 MW of wind farms and some hydroelectric capacity, as well as 400 km of power lines.

Bow Power was created by ACS Group and US infrastructure fund Global Infrastructure Partners (GIP). If a deal with Brookfield cannot be reached, the owners have asked Barclays to arrange a second round of the sale process, the paper's financial sources have said. There are other parties interested.

(EUR 1.0 = USD 1.159)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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