Northland Power Inc. has agreed to acquire a 540-megawatt operating portfolio of onshore renewable projects in Spain from Helia Renovables, a fund sponsored by Plenium Partners Asset Management.
The company has also announced a concurrent $900 million bought deal equity financing to fund the acquisition, as well as projects within the company’s 4–5 gigawatt renewable development pipeline.
The Spanish portfolio includes 33 operating assets, split between onshore wind, solar PV and concentrated solar. Northland Power will pay a total of €345 million ($413 million) in cash, along with the assumption of €716 million ($857 million) of debt.
Northland said it intends to leverage the acquisition of the portfolio to build a platform with asset management, development, and operations and maintenance capabilities that can competitively pursue onshore renewables acquisition and development opportunities across Europe over the next decade.
“Through this acq
