Saeta Yield wraps up buy of 144-MW wind portfolio in Portugal
Wind farm in Portugal. Featured Image: StockPhotosArt/Shutterstock.com
Spanish renewable energy plants owner Saeta Yield SA (BME:SAY) said on Monday it has closed the acquisition of the 144-MW Lestenergia wind portfolio in Portugal from a unit of ACS Group.
Saeta Yield bought the nine-project portfolio from ProCME for EUR 104 million (USD 122m) in cash. Including existing debt, the total enterprise value on the acquisition date amounts to EUR 186 million.
The assets within the Lestenergia portfolio are located in the Guarda and Castelo Branco regions. Operational since 2008, these wind farms benefit from a 15-year feed-in tariff (FiT) at a price of EUR 106 per MWh. In addition, the plants also have a 7-year cap-and-floor scheme with energy prices between EUR 75 and EUR 99 per MWh, the company said when announcing the deal in early August.
“This deal forms part of our international diversification strategy with the clear medium-term target of balanced cash flow generation in Spain and abroad, distributing our assets among various renewable technologies in stable countries with a strong currency,” said Jose Luis Martinez Dalmau, chairman of Saeta Yield.
The transaction will raise recurrent cash available for distribution by EUR 2.4 million to EUR 75.5 million, which is a 19% increase on the figure announced on the firm’s initial public offering (IPO) in 2015. Saeta Yield intends to reach 50% of this cash flow from foreign sources by 2019, it added.