Northland Power to obtain sustainable portfolio in Spain

• Canadian firm Northland Power has signed a definitive agreement with Helia Renovables to acquire 540MW of wind and solar portfolio in Spain for a money consideration of $413m (EUR345m).

Canadian power firm Northland Power has signed a clear-cut arrangement with Helia Renovables to acquire a 540MW wind as well as solar portfolio in Spain.

The EUR345m ($ 413m) bargain consists of the presumption of EUR716m ($ 857m) of debt.

Helia Renovables is a fund sponsored by Plenium Partners Asset Monitoring as well as Bankinter.

The portfolio consists of 33 operating assets with a consolidated onshore wind capacity of 424MW, a mixed solar photovoltaic ability of 66MW and also a focused solar ability of 50MW.

The deal is anticipated to be finished in the third quarter of this year, based on regulatory approvals and normal closing conditions.

Upon conclusion, the offer will certainly position Northland as a leading ten renewable power driver in Spain, creating a platform for development in what is taken into consideration an attractive market for renewables.

To fund the procurement, Northland Power protected $900m gotten bargain equity financing.

This financing will likewise be used to fund the projects within the business's determined 4GW to 5GW sustainable development pipe, which was described in February.

Northland Power president and also CEO Mike Crawley claimed: "Today's statement further demonstrates Northland's ongoing development and management in renewable energy and also develops Northland as a leading gamer in one of Europe's most attractive markets over the next decade for renewables, storage as well as hydrogen.

" Through this procurement, we will additionally develop an asset management system that can sustain entrance into various other eye-catching European onshore renewables markets.

" This transaction follows our strategy as well as positions Northland for additional growth and also diversity while giving short-term capital."

In February, Northland Power obtained a 49% interest in the Baltic Power overseas wind project possessed by Poland-based PKN Orlen.

With a total capability of approximately 1.2 GW, the project is located around 23km off the coastline of Poland in the Baltic Sea. It is currently in growth.