Element Power sells 49.4-MW Spanish wind farm to Aviva Investors, SachsenFonds
Aug 16, 2012 - US solar and wind power developer Element Power said it has sold the 49.4-MW Almatret wind farm in Spain to Aviva Investors, the asset management arm of UK insurer Aviva plc (LON:AV), and German funds manager SachsenFonds.
The value of the deal was not disclosed.
Located in Lerida, northeastern Spain, the wind farm went online in November 2010. It features 25 turbines of 2 MW and 1.8 MW provided by Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS), Element Power said yesterday.
Ian Berry, Aviva Investors fund manager – infrastructure and renewable energy, said the deal was part of the firm's programme of pursuing high quality, long-lived renewable energy assets that offer low risk and strong yields.
The purchase takes the private market infrastructure assets administrated by Aviva Investors to about EUR 500 million (USD 614m), according to the announcement.
Element Power, which is backed by private equity firm Hudson Clean Energy Partners, says it has more than 7,650 MW of solar and wind assets in operation or under development in Europe, the Americas and Asia.