Naturgy agrees 857-MW Spanish wind, solar purchase with Ardian

Spanish utility Naturgy Energy Group SA (BME:NTGY) today said it has agreed to buy a 422-MW portfolio of wind farms at home and a pipeline of 435 MW of solar projects in a deal with an enterprise value of EUR 650 million (USD 709.5m).

The bundle of wind farms consists of 12 assets located in the regions of Castilla y Leon, Castilla La Mancha, Catalonia, Galicia and Andalusia. The wind parks were commissioned between 2005 and 2012 and are part of the 1-GW ASR Wind platform, which also includes other renewable energy assets in Spain and Italy that are excluded from the sale, Ardian said separately. The UK firm bought a 95% stake in the portfolio back in 2019 for its fifth-generation fund, Ardian Infrastructure Fund V. Exus Management, which owns the remaining 5%, will exit the platform following the 422-MW divestment.

The hybrid photovoltaic (PV) projects included in the sale are currently at an advanced stage of development. Most of them have land and interconnection permits in place and will go online in 2025.

The deal is pending regulatory clearance and is planned to be completed at the end of July. Once completed, it will expand Naturgy’s renewable energy fleet at home, where it has over 2.3 GW in operation and is building an additional 1 GW.

(EUR 1.0 = USD 1.092)

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