The Bruc Energy company is evaluating the entry into the capital of some investors. Among them, the investment arm of Amancio Ortega, Pontegadea, and the US fund Stonepeak stand out. In addition, these possible investments will be essential to achieve its objective of reaching the 8.6 GWh of renewable energy that it currently possesses thanks to the right of access to the transmission network.
After last summer, the company chaired by Juan Béjar commissioned a process to attract potential investors in the market to reinforce this growth objective. After almost six months, the company firmly values the aforementioned options, according to El Confidencial and which details have been confirmed to EFE on Tuesday by sources close to the negotiation.
Bruc already has 1,100 MWh in operation and in an advanced construction phase, while of the remaining 7,500 MWh, 4,300 MWh already have an environmental impact statement. In this way, the strategy of Bruc, whose main shareholders are the pension funds OPTrust (Canada), with 50% together with Brop, and USS (United Kingdom), the latter with the remaining 50%, is to give access to the environment of 30% of the capital, without in any case ceding control of the company by the aforementioned funds.
speed up strategy
With this operation, Bruc, founded in 2019, will accelerate its strategy to reach 8.6 GWh of photovoltaic and wind energy, in facilities that would be deployed throughout Aragon, Extremadura and Andalusia. Likewise, the capital increase will be guided from September by the Santander and JP Morgan banks.
Bruc Energy is a renewable investment vehicle created by OPTrust and Béjar (former CEO of FCC). In May 2021, it entered USS with 50% of the capital for 225 million euros. The company is already valued at over 2,000 million euros, according to the latest reports from analysts based on the Mercantile Registry, so the operation with Pontegadea and the US fund would be around 700 million.
The option of Pontegadea (Amancio Ortega) for Bruc would be part of his diversification of the purchase of renewable energy assets, beyond the real estate sector. At the end of July, Ortega gave the order to acquire 5% of the capital of Enagas Renovable and invested 27 million for 49% of Kappa fotovoltaica (Ciudad Real), in addition to closing a previous operation (2021) with Repsol to acquire 49 % of the Delta wind farm.
Regarding Bruc’s recent operations, the company acquired another six new Opdenergy photovoltaic solar energy generation plants in December, totaling 384 MWh and whose assets are part of the 1,101 MWh portfolio agreed between both companies1.