Canadian power company Northland Power has agreed to a definitive plan with Helia Renovables to acquire a 540MW wind and solar portfolio in Spain.
Northland Power Has A New Venture In Spain
The €345m ($413m) deal consolidates the doubt of €716m ($857m) of commitment. Helia Renovables is a fund sponsored by Plenium Partners Asset Management and Bankinter. The portfolio includes 33 operating assets with a joined onshore wind capacity of 424MW, a united solar photovoltaic capacity of 66MW and a concentrated solar capacity of 50MW. The deal is needed to be done in the second from last quarter of this current year, subject to regulatory approvals and customary closing conditions. Upon finish, the deal will arrange Northland as a fundamental ten reasonable power chairman in Spain, making a phase for development in what is seen as an engaging business area for renewables.
To fund the getting, the company got $900m bought deal equity financing. This financing will in like manner be used to fund the projects inside the company’s recognized 4GW to 5GW maintainable development pipeline, which was delineated in February. Northland Power president and CEO Mike Crawley said: “The current announcement further shows Northland’s continued with development and authority in manageable power and sets up Northland as a top part in one of Europe’s most charming markets throughout the next decade for renewables, storing and hydrogen.
“Through this getting, we will similarly set up an asset the board stage that can maintain area into other engaging European onshore renewables markets. “This trade is dependable with our framework and positions Northland for extra development and diversification while giving transient cash flow.” In February, Northland Power acquired a 49% premium in the Baltic Power offshore wind project asserted by Poland-based PKN Orlen. With an outright capacity of up to 1.2GW, the project is arranged around 23km off the bank of Poland in the Baltic Sea. It is at present in development.