Aimco completes its acquisition of 90% of Eolia

The investment manager Aimco has completed the acquisition of over 90% of Eolia Renovables de Inversiones, an independent energy producer and leader in renewable energies in Spain. Aimco, which stands for Alberta Investment Management Corporation, manages 32 pension funds and other government investments in the province of Alberta, Canada.

With this transaction, which the three parties have been working on since their first announcement last November, the Spanish company joined the portfolio of this infrastructure management company, for an undisclosed price. Another fund, the US company Oaktree Capital Management, was the seller.

Development opportunities
Eolia works on the development, construction and operation of wind farms and solar photovoltaic plants. It currently manages a portfolio of 38 renewable energy assets with a net capacity of 669 megawatts, and enjoys long-term guaranteed revenues under the Spanish regulatory regime for renewables. It also has an attractive portfolio of development opportunities in Spain, according to the press note published to announce this transaction.

Alejandro Cano, Managing Director at Oaktree, describes the fund's experience with Eolia: “We are very pleased with the progress we have achieved by working with Eolia's management team over our holding period. We are convinced that Eolia's platform is now ideally positioned to benefit from the significant growth that is expected in the sector. AimCo is one of the most highly regarded investors in the world and we are confident that they are the ideal partner for Eolia going forward”.

Continued reinforcement of the company
Eolia's CEO Cristóbal Rodríguez also has a very positive assessment of the stage currently finalizing, and of the one set to begin: “We are grateful to Oaktree for their support as we worked together to bring about changes that accelerated the company's growth and created value for all stakeholders. We look forward to collaborating with Aimco to continue to develop and strengthen our platform and to capitalize on growth opportunities in the Spanish market”.

For his part, Kevin Roseke, Director of Infrastructure Investments and Head of Aimco's London Office, says: “Aimco is very pleased to become the majority shareholder in Eolia Renovables. The Company's portfolio of regulated renewable energy assets is highly attractive for Aimco as a long-term investor. The investment fits well with our investment experience in the renewable energy sector and our ambition to place investments in core geographies in continental Europe. We look forward to working with the management team in the coming years to capitalize on further growth opportunities in the Spanish market”.