· Renewables
ONEX sells its 221 MW Portuguese wind portfolio to Finerge
In brief
ONEX recycles capital from five operating wind farms in Portugal to reinvest in its development pipeline.
Dubai, 22 May 2023 — ONEX Renewables S.à r.l., a subsidiary of ONEX Group, has signed a sale and purchase agreement with Finerge, the largest wind energy producer in Portugal, for the sale of a 221.4 MW wind portfolio in Portugal.
The portfolio comprises five wind farms with an average age of 2.4 years and an 18-year feed-in tariff. All conditions precedent have been met and the requisite consents received to complete the transaction.
ONEX acquired the portfolio from EDP Renewables in 2021 and is selling its 100% equity stake to recycle capital and accelerate value creation by reinvesting in its development unit between 2023 and 2026.
“Since our acquisition in 2021, we have acquired multiple operating assets across Iberia and we are now fully committed to investing further into our development team and pipeline.” — Abdellah Belhadj Hamlili, Executive Member of the Board, ONEX
Santander Corporate & Investment Banking acted as exclusive sell-side financial adviser to ONEX.
