November 8 (Renewables Now) - Spanish group Elecnor SA (BME:ENO) said Thursday it signed a strategic partnership with Dutch pension fund manager APG Group NV to jointly invest and develop transmission and renewable energy projects other than wind power.
The two companies are currently the only shareholders in Celeo Redes SL, a transmission infrastructure builder and operator of assets in Chile and Brazil. Elecnor holds a 51% stake in Celeo Redes through its 100%-owned company Celeo Concesiones e Inversiones SL.
Elecnor said the companies will take their partnership further with APG taking a 49% stake in Celeo Concesiones e Inversiones. For this, APG is to pay EUR 43 million (USD 47.4m) and contribute Celeo Redes stock.
As part of the new agreement, Elecnor and APG have committed to jointly make capital investments of EUR 400 million over the next five years.
Their agreement is conditional upon approval from relevant authorities and financial institutions. Elecnor said it expects to close the transaction in the coming weeks.
(EUR 1.0 = USD 1.103)