Cerberus Capital Management has acquired from affiliates of the Ortega Family and IDM Ortemar the Spanish renewable energy company Renovalia Energy.
The deal gives Cerberus 100% control of Renovalia, which operates in six countries and has more than 650MW of power generation under management along with a global development pipeline of wind farms and solar PV plants.
Cerberus also announced that Jose Luis Marín has joined the firm as chairman of its renewable energy investments business.
Marín has experience in both the industrial and energy sectors, including 17 years with Endesa where his most recent responsibilities were as chief executive officer of Endesa Diversificación and president and CEO of Endesa Red.
Cerberus head of European investments Lee Millstein said: “We are pleased to welcome Jose Luis Marín to the firm, where his extensive industry experience will be a great asset.
“Along with our recent acquisitions, this move significantly advances our renewable energy investment strategy in Europe.
“We look forward to growing owned operating assets and expanding Renovalia’s asset management and operation and maintenance capabilities globally.”
Cerberus was advised on legal matters by Watson Farley & Williams and Ashurst.
Financial due diligence was provided by KPMG, technical due diligence by G-advisory and insurance by Aon Insurance.
Renovalia was advised on legal matters by Bird & Bird.
Image: Renovalia has assets in six countries (Renovalia)
Cerberus acquires Renovalia
Private investor also hires Jose Luis Marín as chair of RE investment
By EBS