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HomeLatest NewsNaturgy disburses 536 million for Ardian's renewables and adds almost 900 MW

Naturgy disburses 536 million for Ardian’s renewables and adds almost 900 MW

Date: March 4, 2024 Time: 00:35:59

Naturgy boosts its presence in the Spanish renewable energy market. The gas company has bought 100% of the capital of ASR Wind, a company that owns a portfolio of 12 renewable projects in Spain, from Ardian for 536 million euros. Specifically, it has acquired 422 megawatts (MW) in regulated operating wind assets and 435 MWp in photovoltaic solar hybridization projects, for a total power of 857 MW.

As reported by the company, the operation contemplates, on the one hand, a pipeline of solar hybridizations of up to 435 MW, in an advanced state of development since most of them already have land and interconnection permits and that will be mostly operational in 2025. In addition, the acquired portfolio has the possibility of repowering the wind farms at the end of the useful life of all the farms, expected, on average, within 16 years.

Wind projects are located in Castilla y León (5), Castilla La Mancha (3), Catalonia (2), Galicia (1) and Andalusia (1). The location of the parks is in areas with a high wind resource and where the company already has projects in operation, both solar and wind, so the purchase will generate operational synergies, according to Naturgy. For its part, the acquisition does not incorporate additional operating personnel. The transaction was closed for an Enterprise Value (EV) of 650 million euros, which implies a 2023E EV/EBITDA ratio of around 8.0x.

advance ‘green’

“These parks acquired from the Ardian infrastructure fund have an excellent strategic fit, fulfilling the investment parameters of our company and demonstrating that financial discipline and inorganic growth are compatible in order to create value”, underlined the president and CEO of the Energy, Francisco Reynes. He has also underlined the progress that this operation represents for the group’s commitment to renewable development in Spain.

Naturgy currently has 88 renewable projects in operation in Spain totaling 2,300 MW. Specifically, 26 in Castilla y León; 16 in Castilla La Mancha; 17 in Galicia; 6 in Andalusia and 4 in Catalonia, in the near future to those now acquired from Ardian Infrastructure. In addition, this 2023 the company will add thirty wind farms and photovoltaic plants under construction, equivalent to more than 1,000 MW of additional capacity, which are expected to come into operation before the end of 2024.

Recently, it has obtained the favorable Environmental Impact Declaration (DIA) for 18 wind and photovoltaic projects in the national territory, which have a total power of more than 1,300 MW. Among the projects with positive environmental authorization, the eight wind farms in Galicia stand out, as well as the photovoltaic Campo de Arañuelo (300 MW) in Extremadura, which will be the largest solar installation that the company builds in Spain.

Outside of Spain, Naturgy has more than 3,000 MW of renewable power in operation. One of the priority countries for renewable development for the company is Australia, where the group aims to reach an installed capacity of 2,200 MW of wind, photo-electric and storage technology by 2025. It recently successfully put its first renewable energy facility into operation. battery storage worldwide, which represents a historic milestone for the company in the renewables business.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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