Naturgy buys Ardian’s renewable assets in Spain

Naturgy today announced the acquisition of 100% of ASR Wind, with a total of 422 MW spread across 12 wind farms in Spain. Similarly, operations on the one hand, a pipeline of solar hybridization up to 435 MW, are in an advanced state of development as most of them already have land and interconnection permits and will be mostly operational in 2025. On the other hand, the acquired portfolio is expected to re-energize the wind farms at the end of the useful life of all parks within an average of 16 years.

The acquired wind projects are located in Castilla y León (5), Castilla La Mancha (3), Catalonia (2), Galicia (1) and Andalusia (1). The farms are located in areas with high wind resources and where the company already has both solar and wind projects operating, so the purchase will generate operational synergies. The acquisition does not include additional operating personnel. Likewise, the addition of these new parks to the Naturgy portfolio will facilitate the availability of new wind power to strengthen the supply of green energy to the Group’s customers.

The transaction was closed for an enterprise value (EV) of EUR 650 million, which implies a 2023E EV/EBITDA ratio of approximately 8.0x.

These parks acquired from Ardean Infrastructure Fund “are an excellent strategic fit, meet our company’s investment parameters and demonstrate that financial discipline and inorganic growth are conducive to creating value,” said Francisco Reynes. In this sense, Naturgy’s executive chairman highlighted the progress that this operation represents in Spain of the group’s commitment to renewable development and the continued drive for energy transformation in our country.

For his part, Jorge Barredo, Naturgy’s General Director of Renewables, explained that “the immediate integration of these 12 farms allows us to complement our wind energy portfolio in operation in Spain, in sites with high wind resources, which are close to our own. Located close to renewable generation. And, therefore, with high operational synergies. This is a growth opportunity perfectly aligned with our growth strategy in Spain through proven renewable generation technologies.

The renewable impulse in Spain and internationally

Naturgy currently has 88 renewable projects in Spain totaling 2,300 MW. Specifically, it has 26 operational projects in Castilla y León; 16 in Castilla La Mancha; 17 in Galicia; 6 in Andalusia and 4 in Catalonia, close to the locations acquired from Ardean Infrastructure. In addition, this 2023 the company adds thirty wind farms and photovoltaic plants under construction, equal to more than 1,000 MW of additional capacity, which are expected to be operational before the end of 2024.

Naturgy recently received a favorable Environmental Impact Declaration (DIA) for 18 wind and photovoltaic projects in Spain with a total capacity of over 1,300 MW. The environmental green light for these developments confirms the company’s commitment to the energy transition and progress in its decarbonisation strategy. Among the projects with positive environmental authorizations are eight wind farms in Galicia, as well as the photovoltaic Campo de Aranuelo (300 MW) in Extremadura, which will be the largest solar installation built by the company in Spain.

Outside Spain, Naturgy has over 3,000 MW of renewable energy operations. One of the priority countries for renewables development is Australia, where the group aims to reach an installed capacity of 2,200 MW of wind, photovoltaic and storage technology by 2025. Naturgy recently successfully commissioned its first worldwide battery storage facility, which represents a landmark. Milestone for the company in the renewable business.