F2i, Credit Agricole Assurances buying 483 MW of Spanish wind

Italian infrastructure fund F2i and French insurer Credit Agricole Assurances have agreed to buy a portfolio of wind farms in operation and under development in northern Spain totalling close to 500 MW.

The assets will be purchased from Spanish conglomerate Villar Mir Group. More specifically, F2i’s Fund V-Fondo per le Infrastrutture Sostenibili will acquire a 60% stake in the bundle, while the remaining 40% will be bought from Credit Agricole Assurances.

The target portfolio consists of 53 MW of wind farms that have already been commissioned, as well as 430 MW of projects in the advanced stages of development.

F2i said that the new assets will add to its 200-MW portfolio of solar parks under construction and 1,200 MW of projects in advanced development in Spain. “The acquisition of Villar Mir's wind farms complements the solar power activities in one of the most promising renewable energy markets in Europe [..],” noted Renato Ravanelli, CEO of F2i.

In a separate deal with Villa Mir Group, F2i will also buy a 40% stake in the latter’s retail electricity subsidiary Energya VM (EVM) and will get a short-term option to acquire the remaining 60%. The specific company is based in Madrid, Spain and is active in 14 countries.

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