Engie has increased its stake in the 194MW Goya portfolio of operational wind farms in Spain.
Engie has agreed to acquire 51% of the stake that Mirova, an affiliate of Natixis Investment Managers, has held in the Goya portfolio which comprises seven wind farms.
The transaction will increase Engie’s stake from 15% to 66%.
The Goya portfolio consists of assets in Aguilon, Azuara, Herrera de los Navarros and Fuendetodos (province of Zaragoza), which have been in operation since 2020. It is one of the first renewable energy schemes in Spain to be built without subsidies and the first to sign a corporate power purchase agreement (PPA), with Engie, for 13 years.
In October 2023, the project obtained refinancing from Natixis CIB.
MEF 3 initially syndicated its investment alongside RGREEN INVEST through its INFRAGREEN 3 fund, Rive Private Investment through its Etraph Finance fund and Apres Demain.
Chief executive of Engie in Spain Loreto Ordóñez said: “For us, the Goya project is emblematic because it has demonstrated the commitment and interest of the Group in the Spanish energy sector, by promoting a long-term project that allows the generation of clean energy.
“With the acquisition of the stake held until now by Mirova, Engie increases its ambition and commitment to actively contribute to the construction of a future in which energy is cleaner, more sustainable and more affordable. for all”.
Head of energy transition funds of Mirova Raphael Lance added: “The Goya project was a landmark transaction for Mirova Eurofideme 3 as being the first project developed by Forestalia under the new Spanish tender regime of 2016.
“It took a lot of dedication, creativity and energy from our investment team, industrial and financial partners to make it happen.
“We are pleased with this new transaction with Engie, a longstanding partner of Mirova whom we have worked with on many wind, solar, and hydroelectric projects across Europe.”
In Spain Engie already operates and manages an installed renewable capacity of 1.7GW, of which 1.5GW is wind, 136MW is solar photovoltaics and 65MW is hydropower.
In recent years, Engie’s subsidiary in Spain has carried out several corporate operations to integrate companies with relevant renewable wind portfolios, in line with the group’s strategy to grow its renewables base.
In October 2023, Mirova announced the project launch of Mirova Energy Transition 6 (MET6)4 , its sixth strategy dedicated to energy transition infrastructure, aiming to raise up to €2bn.