The recent acceleration of government deployment targets for renewable projects in Europe, boosted by the current geopolitical situation of the continent, is leading to an increasing number of transactions whereby local developers syndicate their equity interest in their development portfolio to financial or strategic investors, typically at Ready-to-Build (RtB) stage.
The Spanish market is particularly well suited for this type of partnerships given the strong local hurdles that must be overcome to bring projects to RtB, notably in terms of access to the grid. In this specific transaction, Astris advised the developer in the structuring and placement of an efficient co-investment by a financial investor to recycle the client’s development equity investment in a 400+ MW pipeline located in Spain and Italy -- allowing our client to accelerate the growth of their development pipeline.
Gonzalo Ruiz de Angulo, Head of Astris Finance for Spain, Portugal and Poland, said: “We are very pleased we were able to structure the right partnership and source the right partner for our client. The partner brings competitive long-term capital and in exchange gets access to a quality pipeline of RtB projects. This transaction confirms that the RtB stage is a nice meeting point for developers and investors in terms of risk-return combination in the Southern Europe renewable sector.”
Astris Finance acted as exclusive sell-side financial advisor on the transaction. This is the seventh European renewable partnership on which Astris advised on the sell side in the past 24 months.