Northland enters the Spanish renewables market through Solar and Wind portfolio acquisition

by Apr 15, 2021

Canadian company Northland power has entered into an agreement with Helia Renovables, a fund sponsored by Plenium Partners Asset Management and Bankinter, to acquire a portfolio of operating onshore renewable assets in Spain. The deal includes a total cash consideration of €345m ($413m) to be paid together with the assumption of a €716m ($857m) debt. The investment will bring a total combined net capacity of 540 MW into Northland’s portfolio; which includes 33 operating assets comprised of 424 MW onshore wind, 66 MW solar PV and 50 MW concentrated solar.

The deal is expected to be completed in the third quarter of this year, subject to regulatory approvals and customary closing conditions. Upon completion, the deal will position Northland amongst the top ten renewable power operator in Spain, creating a platform for growth in what is considered an attractive market for renewables. According to Northland’s strategy outline presented in 2021, it aspires to add at least 4 GW to 5 GW of gross new renewables energy capacity to its portfolio by 2030.

In 2020, Spain made a commitment to achieve 70% electricity generation from renewable energy sources by 2030 as part of the Law on Climate Change and Energy Transition. The 2030 target translates into a requirement for an estimated 35 to 40 GW of additional renewables capacity. Spain has also announced a 2030 target of 4 GW of hydrogen and 20 GW of storage, which align with Northland’s energy transition growth objectives. Link to the news: https://www.globenewswire.com/news-release/2021/04/14/2210342/0/en/Northland-Power-Announces-Entry-Into-Spanish-Renewables-Market-Through-Acquisition-of-a-540-MW-Operating-Wind-and-Solar-Portfolio-and-Concurrent-900-Million-Equity-Financing.html