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Saeta Yield to acquire 144MW wind portfolio from Grupo ACS

Published 07 August 2017

Spanish investment company Saeta Yield has agreed to acquire a portfolio of 9 wind farms which generate a total amount of 144MW from Grupo ACS for EUR186m.

The Lestenergia wind farms are located in the Guarda and Castelo Branco regions in Portugal and have been in operations for 9 years on an average.

These wind farms are subject to the rules, regulations and tariff systems of Portugal, which offer long-term predictable and stable revenues and are in line with Saeta Yield’s investment strategy.

The wind farm portfolio is subject to the regulation which offers a 15 year feed-in-tariff at a price of €106 per MWh, followed by 7 years of cap-and-floor scheme where energy prices can vary between €75 and €99 per MWh. Saeta Yield is acquiring the assets under a right of first order (RoFO) agreement with Grupo ACS.

The wind farms still have an average life of 12 years and are expected to operate and earn revenues even after their regulatory period and until the end of their technical life.

Saeta Yield expects that the acquisition will diversify its assets. The acquisition represents its investment in a foreign land, which accounts for up to 20% of its total asset-base, representing 1.02GW.

Saeta Yield chairman José Luis Martínez Dalmau said: "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."

“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.”

José Luis Martínez Dalmau continued saying: "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."


Image: Saeta Yield to acquire 144MW wind portfolio in Portugal. Photo: Courtesy of Carlos Koblischek/FreeImages.com.