Northland Power wraps up 0.5-GW renewables acquisition in Spain

Canadian power producer Northland Power Inc (TSE:NPI) said on Wednesday it had finalised the acquisition of 551 MW of operational renewable energy assets in Spain.

The company initially agreed to buy a 540-MW portfolio from Helia Renovables FCR, a fund sponsored by Madrid-based Plenium Partners Asset Management SGEIC SA and Spanish lender Bankinter SA (BME:BKT), as announced in April. Since then, the scope of the transaction was expanded to include minority interests, which boosted the acquired wind power capacity.

Northland paid the vendor EUR 348 million (USD 408.7m) in cash and assumed debt of EUR 716 million, it said.

The acquired portfolio still includes 33 operating assets, as agreed. The capacity is distributed across 435 MW of onshore wind, initially 424 MW, 66 MW of solar PV and 50 MW of concentrated solar power.

The transaction enabled Northland to arrive in the Spanish renewables market.

“The acquisition will serve as a platform for future growth in our onshore segment in Europe and we have hired senior members to our local team to help expand our position. The acquired assets will provide us with near-term cash flow to support the continued development of our offshore wind ambitions,” president and CEO Mike Crawley said in a statement.

(EUR 1.0 = USD 1.175)

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