Cerberus Acquires Spain's Renovalia Energy
Cerberus Capital Management, L.P. ("Cerberus") today announced that Jose Luis Marín has joined the firm as Chairman of the firm's renewable energy investments business. Mr. Marín has extensive professional experience in both the industrial and energy sectors, including 17 years with Endesa where his most recent responsibilities were as CEO of Endesa Diversificación and President and CEO of Endesa Red.
Cerberus also announced that it has completed the acquisition of Spanish renewable energy company Renovalia Energy S.A. ("Renovalia") from affiliates of the Ortega Family and IDM Ortemar. This transaction gives Cerberus 100% control of Renovalia. Renovalia operates in six countries and has more than 650 megawatts of power generation under management along with a global development pipeline of wind farms and solar PV plants. The closing follows the purchase by an affiliate of Cerberus of two wind farms in Spain comprising 70MW in aggregate, which were acquired from Civis Corporation Group in July 2015.
"We are pleased to welcome Jose Luis Marín to the firm, where his extensive industry experience will be a great asset," said Lee Millstein, Head of European Investments. "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 ("O&M") capabilities globally."
Cerberus was advised on legal matters by Watson Farley & Williams LLP and Ashurst LLP. 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 LLP.