Rubicon Advises on Capital Raise for a 342 MW Wind Portfolio in Spain Construction Commences on 10 Wind Farms in Aragón
Rubicon Advises on Capital Raise for a 342 MW Wind Portfolio in Spain Construction Commences on 10 Wind Farms in Aragón
DUBLIN, IRELAND & MADRID, SPAIN, April 10, 2019 – Rubicon Infrastructure Advisors ULC (“Rubicon”) is pleased to announce that it has advised Forestalia Renovables, S.L. (“Forestalia”) in its collaboration alongside Mirova and ENGIE to raise equity capital for a portfolio of ten wind farms with a combined capacity of 342 MW in Aragón, Northern Spain.
Mirova, an affiliate of Natixis Investment Managers, and French multinational utility ENGIE, are both investing in the project alongside Forestalia and reinforcing their long-standing partnership with the developer. Financing is being provided by a consortium consisting of J.P. Morgan, Santander Corporate & Investment Banking and Banco Sabadell. GE Renewable Energy will be the technology provider, supplying 91 turbines for the wind farm portfolio. Aldesa, Eiffage and Elecnor are the appointed contractors for the civil works component of the project. Rubicon acted as exclusive financial advisor to Forestalia.
Construction of the wind farms will result in the creation of more than 800 jobs during the construction phase and 50 permanent jobs when the farms come into operation. The wind farms as a portfolio are projected to generate c. 1,000 GWh of electricity each year.
Rubicon Managing Director Barry O’Flynn stated, “We are extremely satisfied to have advised Forestalia in successfully securing investors seeking immediate exposure to one of the largest onshore wind portfolios in Europe.” He added, “Through seamless work between Rubicon’s Dublin and Madrid-based teams, we are delighted to have assisted Forestalia in significantly advancing the Spanish renewable energy industry, in keeping with our long-term commitment to facilitate the financing and growth of sustainable infrastructure across Europe and internationally.”
“We are happy to continue our relationship with these key partners, working together to transition Spain to a carbon-free economy,” noted Carlos Reyero, Forestalia’s Financial Director. “The financing and construction of these wind farms is the culmination of months of significant dedication and hard work on the part of Rubicon and all parties involved,” noted Reyero.
Spain currently ranks fifth in the world and second in Europe in terms of installed wind capacity, with 23.5 GW installed across 1,123 wind farms. Aragón specifically is the fifth-highest Spanish region by installed wind capacity, with 1.9 GW of capacity installed to-date. This transaction is part of the largest single portfolio of wind projects ready for construction in Spain and is key to putting the country on track to meet European Union obligations of 20% renewable energy penetration by 2020.
The transaction continues the strong wind energy advisory track record exhibited by Rubicon’s Global Renewable Energy practice in Europe. Most recently, Rubicon was involved in a significant UK offshore wind transaction, which resulted in the disposal of a 50% stake in a 3.6 GW joint venture.
About Rubicon Infrastructure Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Europe and the Americas, along with further expansion plans in 2019 to open an office in Sydney and Mexico City, the firm has a truly global reach. Since inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of approximately 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $45 billion. The firm is regulated by the Central Bank of Ireland. Learn more about the firm at: www.rubiconinfra.com and by following Rubicon Infrastructure Advisors on LinkedIn.
About Forestalia
Forestalia is a business group dedicated entirely to the promotion of renewable energy projects (wind, photovoltaic and biomass). Its current portfolio includes 3.6 GW, of which almost 2 GW in capacity were awarded by the Ministry of Energy through three renewable energy auctions in 2016 and 2017. Forestalia, which operates in Spain, France and Italy, has efficiently led in the development of new renewable electricity generation in an open and competitive market, keeping its commitment towards growing a carbon-free economy. The company, based in Aragón, advocates creating value and opportunities for sustainable socio-economic development that result in positive returns. Additional information can be found at: http://www.forestalia.com/.
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Tom Weirich
T: +1 212 974 2615
E: tom.weirich@rubiconinfra.com