Exus Management Partners (Exus), a specialist in powering sustainable investments through operational excellence, has facilitated the financial close of the EUR500m sale of a 450MW portfolio of 11 Spanish wind farms, owned in partnership by Spanish family office Corporation Masaveu (Masaveu) and Belgian investors Korys, to Chinese clean energy developer China Three Gorges Europe (CTGE).
The deal, which was initially agreed in February 2021, see’s CTGE take ownership of 11 wind farms and one photovoltaic field across two portfolios – Cefiro and Windrose – located in the Castilla y León region of Spain.
Despite the rapid growth of renewable energy in the last few years, with investments reaching USD174 billion in the first half of 2021 alone according to BloombergNEF, for many institutional investors without experience investing in these assets, it is vital to collaborate with experienced consultants throughout the lifetime of a project, from development to management, to mitigate risk and navigate the global renewable energy market.
Exus originated, structured and managed the Cefiro and Windrose portfolios for Masaveu, starting in 2015 and 2016 respectively, and continue to manage the assets today. Before CTGE’s acquisition, Masaveu owned 100 per cent of Cefiro and 60 per cent of Windrose, with 30 per cent owned by Belgian family office Korys and the remaining 10 per cent by minority stakeholders.
Carlos Tello Garcia, Co-Founder and Chief Operating Officer, Exus, says: “We are proud to support our clients Corporación Masaveu and Korys on the hugely successful sale of this portfolio. The assets have achieved strong returns year-on-year throughout the duration of their ownership. We look forward to working with China Three Gorges in more depth as we continue to manage their new assets into the foreseeable future.”
