View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 15, 2021

Northland Power to acquire renewable portfolio in Spain

Canadian company Northland Power has signed a definitive agreement with Helia Renovables to acquire 540MW of wind and solar portfolio in Spain for a cash consideration of $413m (€345m).

By Umesh Ellichipuram

Canadian power company Northland Power has signed a definitive agreement with Helia Renovables to acquire a 540MW wind and solar portfolio in Spain.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

The €345m ($413m) deal includes the assumption of €716m ($857m) of debt.

Helia Renovables is a fund sponsored by Plenium Partners Asset Management and Bankinter.

The portfolio consists of 33 operating assets with a combined onshore wind capacity of 424MW, a combined solar photovoltaic capacity of 66MW and a concentrated solar capacity of 50MW.

The deal is expected to be completed in the third quarter of this year, subject to regulatory approvals and customary closing conditions.

Upon completion, the deal will position Northland as a top ten renewable power operator in Spain, creating a platform for growth in what is considered an attractive market for renewables.

To fund the acquisition, Northland Power secured $900m bought deal equity financing.

This financing will also be used to fund the projects within the company’s identified 4GW to 5GW renewable development pipeline, which was outlined in February.

Northland Power president and CEO Mike Crawley said: “Today’s announcement further demonstrates Northland’s continued growth and leadership in renewable energy and establishes Northland as a top player in one of Europe’s most attractive markets over the next decade for renewables, storage and hydrogen.

“Through this acquisition, we will also establish an asset management platform that can support entry into other attractive European onshore renewables markets.

“This transaction is consistent with our strategy and positions Northland for further growth and diversification while providing short-term cash flow.”

In February, Northland Power acquired a 49% interest in the Baltic Power offshore wind project owned by Poland-based PKN Orlen.

With a total capacity of up to 1.2GW, the project is located around 23km off the coast of Poland in the Baltic Sea. It is currently in development.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology