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GE, Mirova get EC's nod to buy wind portfolio in Spain

Wind park in Spain. Author: Santi Villamarín. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

January 4 (Renewables Now) - US conglomerate General Electric Co (NYSE:GE) and a fund managed by Mirova have obtained clearance from the European Commission to buy a portfolio of nine wind farm projects in Spain.

More specifically, the EC has given the green light to GE and renewable energy infrastructure fund Mirova-Eurofideme 3 to acquire joint control of Idesamgar SL and Idesamgar SL 1, which hold the nine wind assets.

The Commission said in a brief announcement today that the proposed transaction does not raise competition concerns because of its limited impact on the market.

Mirova, which is a wholly-owned unit of French asset manager Natixis Asset Management, created Mirova-Eurofideme 3 in mid-2014 to offer institutional investors access to companies developing renewable energy projects across Europe. The fund's goal back then was to raise EUR 200 million (USD 241m).

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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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