Element Power closes sale of Almatret 49.4MW wind farm (Spain)

(London): Aviva Investors and Element Power today announced that Aviva Investors and SachsenFonds have acquired the 49.4MW Almatret wind farm in Lerida, Spain, from Element Power for an undisclosed sum. Element Power was advised by Augusta & Co.

Pedro Barriuso, Executive Chairman of Element Power commented:

“Element Power is pleased to be working with leading global investors such as Aviva Investors and SachsenFonds who see the quality of our renewable energy projects. Transactions like this continue to create value for our shareholders and demonstrate the value created in the projects we develop and in the strategy of our company.”

Ian Berry, Fund Manager – Infrastructure & Renewable Energy at Aviva Investors said:

“We are pleased to have completed the acquisition of the Almatret 49.4MW power generation asset, as we continue to execute our programme of seeking high quality, long-lived renewable energy assets with low risk and strong yield profiles. In a challenging macro-economic environment where yields remain low, especially on government bonds, institutional investors are looking for diversified sources of stable income. Almatret is representative of the asset and investment qualities we are seeking for our portfolio – seasoned, essential power generating assets, with a defensive investment risk profile, that have the potential to deliver quality yields for such investors. We look forward to working with Element Power on other investment opportunities of interest.”

Mortimer Menzel, Partner at adviser Augusta & Co noted:

“We are delighted to have advised Element Power in selling Almatret to Aviva Investors and SachsenFonds. Closing this transaction in the prevailing challenging environment reflects the quality of the asset and Element Power’s excellence in development and operation and also proves that the market for good operating assets from first class developers is strong.”

The wind farm has been operational since November 2010 and comprises 25 Vestas V90 turbines at 2.0MW / 1.8MW.

The acquisition brings the private market infrastructure assets managed by Aviva Investors to c€500m. It also marks another significant step in Element Power’s strategy, confirming its position as a leading renewable energy developer and constructor of world-class renewable energy assets. Element Power, backed by Hudson Clean Energy Partners, a leading global private equity firm, has over 7,650MW of operating and development-stage wind and solar assets across Europe, North and South America and Asia.