December 23 (Renewables Now) - French asset manager Tikehau Capital SCA (EPA:TKO) has signed an agreement to acquire biomass assets and related activities from Spain’s Acek Energias Renovables SL.
The deal covers the target’s enterprise value of EUR 81 million (USD 89.7m) and unspecified earn-outs and includes one biomass plant of 17 MW in the Spanish province of Soria, several long-term operation and maintenance (O&M) contracts in Spain and Portugal and Acek’s engineering business in Cadiz.
The French firm said it had arranged the acquisition through its private equity energy transition fund, for which the deal represents the first investment in Spain.
Acek’s biomass division was established in 2009 as a vertically integrated platform focused on engineering, construction, O&M of biomass-fired power and heat plants and the supply of biomass. In 2018, it recorded a turnover of EUR 64 million.
The founder of the biomass business, Emilio Lopez Carmona, will stay at the helm of the company, Tikehau Capital said.
(EUR 1.0 = USD 1.108)