Italian infrastructure fund F2i and Credit Agricole Assurances have signed an agreement to acquire a 483MW wind portfolio in Spain from Villar Mir Group.
Villar Mir’s wind farm portfolio includes 53MW of capacity, in operation, and 430MW of wind projects at an advanced stage of development, located in northern Spain.
F2i, through Fund V (Fondo per le Infrastrutture Sostenibili), will acquire 60% of the wind power portfolio and the remaining 40% will be held by Credit Agricole Assurances, F2i’s existing partner in the EF Solare Italia Group.
The seller Villar Mir is a historic Spanish conglomerate operating in 31 countries in the real estate, metalworking, power generation and construction sectors.
Together with the wind power portfolio, F2i will also acquire a 40% stake in EVM, a retail electricity company, from the Villar Mir Group and a short-term option to acquire the remaining 60% stake, laying the foundations for the development of an integrated business in the electricity sector also outside Italian borders.
The above transaction represents the fourth investment of Fund V, which, since its launch a year ago, has already raised around €1.3bn, out of a target of €1.5bn.