Elecnor closes alliance with Dutch APG to push renewables, transmission

Elecnor SA (BME:ENO) has closed its partnership agreement with Dutch pension fund manager APG Group NV through which the duo will jointly invest and develop transmission and renewable energy projects other than wind power.

Before finalising the alliance, the two companies received the regulatory green light for APG to acquire a 49% stake in Elecnor’s wholly-owned company Celeo Concesiones e Inversiones SL, the Spanish group announced on Tuesday.

Celeo Concesiones e Inversiones owns a 51% stake in Celeo Redes SL, a transmission infrastructure builder and operator of assets in Chile and Brazil, in which the only other shareholder is APG.

Announcing the deal in early November, Elecnor said APG would pay EUR 43 million (USD 47.9m) and contribute Celeo Redes stock to acquire the 49% stake in the operator’s controlling company.

(EUR 1.0 = USD 1.11)

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