Onex Renewables (Onex), the low-carbon subsidiary of privately led infrastructure investment group Onex Holding, has confirmed the closing of a 221MW Portuguese wind portfolio transaction.
Onex appointed Exus Management Partners (Exus), leading experts in powering sustainable investments through operational excellence – across a 9GW global portfolio – to deliver expert support and strategic advice in the sourcing, structuring and execution of the deal, including the syndication process and financing provided by Banco Santander.
Previously owned by EDP Renewables, the portfolio consists of five wind projects and comes with an 18-year PPA attached. Announced in July 2021, the conditions precedent have been verified and financial closing has now taken place. With Cuatrecasas Law Firm acting as legal advisor to Onex, it represents Onex Renewables’ first step into the Iberian market.
Appointed by Onex due to their high level of technical skill and experience on the project, Exus will oversee the asset management and performance monitoring services for the portfolio. All five wind farms are currently in operation, with the portfolio having an estimated enterprise value of more than €500m. With the support of Exus, Onex will continue to expand its growing renewable energy portfolio.
Carlos Tello Garcia, Co-Founder and COO at Exus, said: “We greatly value our relationship and long-term plans with Onex. The advisory, support and structuring of this deal, alongside the subsequent asset management programme, is only the beginning.
“The sector has infinite opportunity, but the challenges can be complex. We look forward to supporting Onex Renewables as they advance their ambitions in the global transition to clean energy.”
Ramez Attieh, Senior Advisor at Onex Holding and Onex Renewables, said: “We are delighted to see this acquisition completed and are grateful for the support offered by Exus at every stage of the process. With this transaction successfully closed, we look forward to working further with Exus to ensure our projects are performing optimally. Ultimately, we see this as a milestone as we work towards our vision of becoming a leading provider of renewables for long-term energy solutions on a global scale.”
Onex Renewables is a subsidiary of the privately led infrastructure investment group Onex Holding, and serves the group’s interests to reduce its carbon footprint and invest in the energy transition.
Onex Holding is a privately held investment group based in Luxembourg, investing and managing strategic assets in real estate, energy and trading sectors.
Exus is an independent investment and asset management firm focused on the renewable energy sector. The company works on behalf of an increasing variety of institutional and private investors to source opportunities, acquire assets and undertake fully integrated technical and commercial management of renewable energy portfolios worldwide.
Exus draws on its wide-ranging expertise to help its investors optimise technical performance, reduce financial risks and ensure long-term revenue certainty.
Exus has a growing global presence, with offices in Spain, Portugal, France, Italy, Germany, the USA, Mexico, Brazil and Turkey. It currently manages an operational portfolio exceeding 9GW.