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Saeta Yield acquires nine Portuguese wind farms totalling 144MW

CTBR Staff Writer Published 04 October 2017

Spanish investment company Saeta Yield has acquired Lestenergia, a portfolio of nine wind farms in Portugal.

These wind farms produce a total of 144MW of clean energy. Saeta Yield acquired the wind farms for the cash consideration of about €104m (representing a total enterprise value of €186 m, including existing debt).

Saeta Yield stated that the acquisition will increase recurrent cash available for distribution by €2.4m to €75.5m. The company plans to achieve 50% of this cash flow from foreign sources by 2019.

The company is an operator of renewable energy assets with a principal aim to provide sustainable and consistent growth to its shareholder value. To achieve this, the company invests in long-term stable and predictable cash-flow generating assets, to earn best returns for its shareholders.

Presently, the company’s 52% of the capital is free float and distributed among institutional and minority shareholders. The remaining capital is distributed between its two main shareholders, ACS and GIP, each owning a stake of 24%.

Saeta Yield acquired Lestenergia after an agreement with ProCME, a Portuguese subsidiary of Grupo ACS and it will be financed by Saeta Yield's liquidity.

Saeta Yield chairman José Luis Martínez Dalmau said: “This deal forms part of our international diversification strategy with the clear medium-term target of balanced cash flow generation in Spain and abroad, distributing our assets among various renewable technologies in stable countries with a strong currency.

“Saeta Yield has a unique strategy based on two pillars: excellent management of its asset portfolio and acquisition of new assets that will generate returns for shareholders. The acquisition of Lestenergia takes place in the context of this strategy and will generate value from day one.

“Carapé I and II, the assets we bought in Uruguay in May this year, and Lestenergia in Portugal are proof of the Company’s future growth prospects. Future RoFO assets and third-party acquisition opportunities should bring additional growth in the coming quarters”, indicated the Chairman of Saeta Yield.”