Saeta Yield has reached an agreement with ProCME, a Portuguese subsidiary of Grupo ACS, to acquire 100% of Lestenergia, a portfolio of 9 operating wind farms located in Portugal with a total installed capacity of 144MW. The total cash consideration for the acquisition is c. EUR 104 million (representing a total enterprise value of EUR 186 million). The transaction will be funded from Saeta Yield’s available liquidity. It is expected to close before year end. This is the second international transaction by Saeta Yield in 2017, following the acquisition last May of Carapé I and II in Uruguay. This makes the company advance on its international growth strategy, and reduces the dependency from Spain in terms of revenues.
“At the last Shareholders’ Meeting, we informed the market that we were planning to accelerate our international expansion. With the acquisition of Lestenergia, we are crossing a significant milestone in that direction”, explained José Luis Martínez Dalmau, Chairman of Saeta Yield.
“Saeta Yield’s strategy relies on two main levers: first, best-in-class management of our existing asset portfolio; second, the acquisition of new quality assets to create value for our shareholders. The acquisition of Lestenergia is in line with this strategy and will enhance shareholder value from day-one following closing” he added.
“The successful acquisitions of Carapé I and II in Uruguay and now of Lestenergia in Portugal clearly demonstrate the future growth potential of Saeta Yield. We expect that future RoFO assets combined with third-party acquisition will allow us to deliver additional growth in the coming quarters”, the Chairman said.