Madrid-based private equity manager Azora is to sell a 1.2GW Spanish renewable energy portfolio to Italy-based energy company Eni.
The portfolio comprises three operational onshore wind farms, an onshore wind farm under development and five large solar energy projects in the advanced stages of development.
The assets are located in the Andalucía, Castilla la Mancha, Castilla y León, Cataluña, Galicia and La Rioja regions.
Azora and Eni are working together to ensure the solar energy projects are producing power by 2024. They also have a broader strategic agreement to scale up Eni’s renewable energy platform in Spain.
“Renewable energy investment sits at the core of Azora’s capabilities and is a key conviction for us,” said Azora Infrastructure head Santiago Olivares.
Azora has been advised by Lazard as financial adviser and Uría Menéndez as legal adviser.
The Azora Group has extensive experience in the renewable energy sector. Senior members of Azora’s team built up Corporación Eólica CESA and sold the company in 2006 for c.€1bn. The company said it will continue to increase its investments in the renewable energy sector in Spain and internationally, and that it is monitoring potential investments in adjacent sectors such as storage and green hydrogen technology.