Real Assets Advisers (“Real Assets”) led the successful transaction structuring and negotiation of AXA IM and ACCIONA’s acquisition of KKR’s 33.33% equity stake in ACCIONA Energía Internacional (“AEI”).
Real Assets Advisers (“Real Assets”) leads the successful transaction structuring and negotiation of AXA IM and ACCIONA’s acquisition of KKR’s 33.33% equity stake in ACCIONA Energía Internacional (“AEI”).
Under the current transaction, ACCIONA will increase its equity stake in AEI from 66.67% to 80.0%. AXA IM – Real Assets will acquire the remaining 20.0% equity stake becoming a partner of ACCIONA in the renewable energy sector. ACCIONA has the intention to hold a 75% equity stake in AEI, so that the subsidiary becomes part of its Spanish Tax Consolidation Group, and will look for potential investors to acquire the additional 5% stake before closing. The transaction closing is subject to customary regulatory approvals and expected to take place by December 2020.
AEI was created in 2014 to house the majority of ACCIONA’s renewable energy generation assets outside Spain at the time. KKR acquired a 33.33% equity stake in AEI with ACCIONA retaining the remaining 66.67% equity stake and continuing to manage the portfolio. AEI currently owns 52 renewable energy assets, mostly onshore wind farms, with a combined net generation capacity of 2.3 gigawatts. This portfolio is spread around the globe with the assets located mainly in OECD countries including the U.S., Mexico, Canada, Italy, Portugal, South Africa and Australia.
Roger Ammoun and Ram Kumar, Co-Managing Partners of Real Assets, commented: “We are pleased that we could structure and intermediate a landmark transaction in the green energy sector that provides a satisfactory outcome for AXA, ACCIONA and KKR. We are confident that the resulting partnership between ACCIONA and AXA will enable AEI to strengthen its position as a global renewable energy champion.”