Northland obtains 551MW Spanish renewables portfolio

Aug 11, 2021 07:32 PM ET
  • Properties bought from Helia Renovables consist of onshore wind and solar
Northland obtains 551MW Spanish renewables portfolio
Image: Northland Power

Northland Power has actually completed the acquisition of a Spanish operating portfolio of onshore eco-friendly projects from Helia Renovables, a fund sponsored by Plenium Partners and Bankinter.

The Portfolio has a complete combined net capacity of 551MW, consisting of the acquisition of minority passions not consisted of in the preliminary revealed purchase.

It consists of 33 operating assets comprised of 435MW onshore wind, 66MW of solar PV, and focused solar of 50MW situated throughout Spain.

Total cash consideration paid for the purchase was EUR348m, along with the presumption of debt in the amount of EUR716m.

The acquisition was funded making use of proceeds from Northland's typical equity offering finished on April 14 2021.

The Portfolio promptly places Northland as a leading 10 sustainable power driver in Spain and creates a platform for development in an appealing market for renewables.

Northland intends to leverage the acquisition of the Portfolio to construct a platform with property management, development, and operations and upkeep abilities that can competitively seek onshore renewables acquisition and development chances across Europe over the next years.

Northland president and president Mike Crawley (imagined) claimed: "We are proud to reveal the closing of the Helia purchase, which supports Northland's ongoing growth and leadership in renewable resource and establishes Northland as a leading driver in one of Europe's most eye-catching renewables markets.

" The procurement will function as a system for future development in our onshore sector in Europe and we have worked with senior participants to our regional group to help expand our setting.

" The obtained possessions will offer us with near-term cash flow to support the ongoing growth of our overseas wind passions."