Northland Power has acquired a Spanish operating portfolio of onshore renewable projects from Helia Renovables, a fund sponsored by Plenium Partners and Bankinter.
The portfolio has a total combined net capacity of 551 megawatts, including the acquisition of minority interests not included in the initial announced transaction. The portfolio includes 33 operating assets, which consist of onshore wind (435 megawatts), solar PV (66 megawatts) and concentrated solar (50 megawatts) located throughout Spain.
Total cash consideration paid for the acquisition was C$522 million ($416 million), together with the assumption of debt in the amount of C$1.075 billion ($858 billion). The acquisition was funded using proceeds from Northland’s common equity offering, completed on April 14.
The portfolio immediately places Northland as a top-10 renewable-power operator in Spain and creates a platform for growth in an attractive market for renewables. Northland intends to levera