Dubai, May 22, 2023 – Onex Renewables S.A.R.L, a subsidiary of Onex Group, has signed a sale and purchase agreement with Finerge, the largest wind energy producer in Portugal to acquire a 221.4 MW wind portfolio located in Portugal. Finerge operates 70 Wind Farms and 17 PV solar plants located in more than 47 Municipalities across Portugal and 3 provinces in Spain.
This wind portfolio comprises five wind farms with an average age of 2.4 years. The parties have fulfilled all of the Condition Precedents and have received the requisite consents from the relevant authorities to complete the transaction.
Onex purchased this wind portfolio from EDP-R in 2021 and is now selling its 100% equity stake in the asset in order to recycle its capital and accelerate value creation by reinvesting in its development unit between 2023-2026. Onex is committed to advancing their ambitions in the global transition to clean energy aiming to contribute to the wind tail supporting renewables in Europe and USA.
The 221MW portfolio was a cornerstone asset for the group with an 18 year feed-in-tariff, the operating and relatively new portfolio is a rare prospect for institutional investors in todays market.
“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 & pipeline which will zone in on Europe and North America” commented Abdellah Belhadj Hamlili, Executive Member of the Board for Onex.
Santander Corporate & Investment Banking acted as exclusive sell-side financial advisor to Onex in this transaction.
About Onex Onex is a privately led critical infrastructure group with over 1,500 employees focused on investing in strategic sectors that form the backbone of economies such as energy, utilities, logistics, telecommunication and prime real-estate. www.onexholding.com
About Finerge
Finerge is owned by infrastructure funds managed by Igneo Infrastructure Partners, an asset management company with over 25 years of experience in infrastructure. Igneo Infrastructure Partners is a global asset management group focused on providing high quality, long-term investment capabilities to clients with a commitment to responsible investment principles. It manages over €150bn across various asset classes. Ultimate investors are financial institutions including pension funds and insurance companies from all around the globe. https://www.finerge.pt/