The wind farm has been operational since November 2010. The acquisition brings the private market infrastructure assets managed by Aviva Investors to €500 million. It also marks another significant step in Element Power’s strategy, confirming its position as a significant renewable energy developer and constructor of world-class renewable energy assets.
“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," said Pedro Barriuso, Executive Chairman of Element Power. "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."
After the deal, Element Power, backed by Hudson Clean Energy Partners, a global private equity firm, has over 7,650 MW of operating and development-stage wind and solar assets across Europe, North and South America and Asia.
Ian Berry, fund manager for infrastructure & renewable energy at Aviva Investors said the deal is but another step in executing its 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," he said. "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."
Berry added, "We look forward to working with Element Power on other investment opportunities of interest.”
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