Impax Asset Management has agreed to acquire a 100MW portfolio of operating, ready-to-build and development stage wind farms in France and Poland from Eolia Renovables.
Eolia is selling a portfolio of wind farms in the North and West of France and a single Polish 6MW operating asset located near the German border.
'This deal is in line with our strategy of a gradual sale of assets in our portfolio, which we began last spring with the sale of various developments in Mexico. We are very happy with this transaction as Impax is an experienced operator in the renewable sector,' said Cristóbal Rodríguez, CFO at N+1 Eolia, the manager of Eolia Renovables.
Impax's head of private equity, Peter Rossbach put the purchase into a portfolio context. 'The material French assets we are buying will fill out our regional strategy in the arc covering Troyes, Amiens and Poitiers, as we build up our Paris-based Epuron France wind business.'
At the end of 2010, Impax New Energy Investors II, a fund with €330m of capital committed to the renewable energy sector, acquired the Epuron France business with a plan to build its development portfolio, supplemented by bolt-on acquisitions of fully permitted and partially permitted. From the original Epuron portfolio, the 12MW Chaude Vallée project in Picardie is now in construction using Repower turbines.
The Polish asset is a first for Impax's private equity infrastructure funds. 'We are pleased to move into Poland, a key target country, with an operating asset purchase,' said Rossbach, 'And we hope to add to this pilot effort in the coming 18 months with additional acquisitions.'
The operating assets and those scheduled to be built entail the use of either Enercon or Nordex turbines. All operating assets are fully financed and running, he added.