SPAIN: First round of bidding underway for 420 MW Plenium Partners onshore wind portfolio
Plenium Partners has in recent weeks launched a first round of bidding for its 421 MW Olivento onshore wind portfolio and will take indicative offers later in September, it is understood.
The Madrid-based fund manager initiated a process to sell the assets in Q1 2024, but is understood to have then opted to put the transaction on hold in the face of a clutch of other already launched renewables assets sales, such as the disposal of Acciona’s 308 MW wind portfolio and Brookfield’s Saeta Yield, as previously reported.
The group is being advised on the rejigged process by Rothschild & Co and Evercore and will take non-binding offers on September 23, according to market sources.
Engie, Partners Group-backedExus Partners, Chilean utilityColbun,NaturgyandChina Three Gorgeshave previously been connected to this and other Spanish renewables sales process, and are seen as potential bidders, amongst other Spanish, European and international financial and strategic investors.
The 14 projects for sale are understood to have been online on average since 2008, and would therefore provide a repowering opportunity for the acquirer, with new plants envisaged to be able to come online from 2027-20243.
In addition, there is the potential for hybridisation of the wind schemes with over 380 MWp of solar PV capacity, with most land and interconnection permits already secured and estimated completion date between 2026 and 2027.
Plenium Partners declined to comment.
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