Alberta Investment Management Corp. (AIMCo), on behalf of its clients, has completed the acquisition of over 90% ownership in Spanish renewable energy company Eolia Renovables de Inversiones.
AIMCo acquired the company through funds managed by Oaktree Capital Management and other minority shareholders. Financial terms of the transaction were not disclosed.
Eolia – an independent power producer in the Spanish renewable energy sector – develops, constructs and operates wind farms and solar PV plants.
“We look forward to collaborating with AIMCo to continue to develop and strengthen our platform and to capitalize on growth opportunities in the Spanish market,” comments Cristóbal Rodriguez, CEO of Eolia.
AIMCo, one of Canada’s largest institutional investment managers, has more than C$108 billion of assets under management, as of Dec. 31, 2018. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta.
“AIMCo is very pleased to become the majority shareholder in Eolia Renovables,” adds Kevin Roseke, director of infrastructure investments and head of AIMCo’s London office. “The company’s portfolio of regulated renewable energy assets is highly attractive for AIMCo as a long-term investor. The investment fits well with our investment experience in the renewable energy sector and our ambition to place investments in core geographies in continental Europe. We look forward to working with the management team in the coming years to capitalize on further growth opportunities in the Spanish market.”
AIMCo was advised by RBC Capital Markets, Linklaters and Cuatrecasas. Oaktree was advised by Cantor Fitzgerald and Perez Llorca.
