The energy company acquires from the Ardian infrastructure fund its portfolio of 422 MW of wind power already operational in Spain, as well as the hybridization projects on the same plants that add up to an additional 435 MW of solar power and are in an advanced state of development.
In this way, Naturgy boosts its presence in the Spanish renewable market, where it has more than 1,000 MW under construction, which will be operational before the end of 2024. The company currently has more than 5.5 GW of renewable power in operation worldwide and has a development portfolio of more than 195 projects between Spain, Australia and the United States.
The executive president of Naturgy, Francisco Reynés, remarked that this acquisition “has an excellent strategic fit, fulfilling the investment parameters of our company and demonstrating that financial discipline and inorganic growth are compatible to create value. Incorporating these assets into our portfolio allows us to advance in our objective of being a relevant actor in the energy transition in our country”.
Naturgy has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW spread over 12 wind farms in operation in Spain. Likewise, 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. On the other On the other hand, the acquired portfolio has the possibility of repowering the wind farms at the end of the useful life of all the parks, expected, on average, within 16 years.
The wind projects acquired are located in Castilla y León (5), Castilla La Mancha (3), Catalonia (2), Galicia (1) and Andalusia (1). The farms are located in areas with high wind resources and where the company already has projects in operation, both solar and wind, so the purchase will generate operating synergies. The acquisition does not incorporate additional operating personnel. In the same way, the incorporation of these new parks to the Naturgy portfolio will facilitate the availability of new wind power to reinforce the supply of green energy to the Group’s customers.
The transaction was closed for an Enterprise Value (EV) of 650 million euros, which implies a 2023E EV/EBITDA ratio of around 8.0x.
These parks acquired from the Ardian infrastructure fund “have an excellent strategic fit, meeting the investment parameters of our company and demonstrating that financial discipline and inorganic growth are compatible to create value,” said Francisco Reynés. In this sense, the executive president of Naturgy highlighted the progress that this operation represents for the Group’s commitment to renewable development in Spain and the continued drive for the energy transition in our country.
For his part, Naturgy’s General Director of Renewables, Jorge Barredo, explained that “the immediate integration of these 12 farms allows us to complement our wind power portfolio in operation in Spain, in locations with a high wind resource, located near our own renewable generation and, therefore, with high operating synergies. This is a growth opportunity that is fully aligned with our growth strategy in Spain through proven renewable generation technologies”.
Renewable impulse in Spain and internationally
Naturgy currently has 88 renewable projects in operation in Spain totaling 2,300 MW. Specifically, it has 26 operational projects in Castilla y León; 16 in Castilla La Mancha; 17 in Galicia; 6 in Andalusia and 4 in Catalonia, in locations close to those now acquired from Ardian Infrastructure. In addition, this 2023 the company adds 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.
Naturgy recently obtained a favorable Environmental Impact Declaration (DIA) for 18 wind and photovoltaic projects in Spain, with a total capacity of more than 1,300 MW. The environmental green light for these developments confirms the company’s commitment to the energy transition and progress in its decarbonization strategy. 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 is Australia, where the Group aims to reach an installed capacity of 2,200 MW of wind, photovoltaic and storage technology