Buy-side advisory

AZ Capital has advised Naturgy on the acquisition of a portfolio of 422 MW of operating wind farms and 435 MW solar hybridization projects in Spain

AZ Capital has acted as the financial advisor to Naturgy in the acquisition of 100% of ASR Wind from the infrastructure fund Ardian. ASR Wind has a portfolio of 422 MW of operating wind assets in Spain, spread across 12 wind farms located in high-wind resource areas in Castilla and León, Castilla-La Mancha, Catalonia, Galicia, and Andalusia.

Additionally, the transaction includes hybridization projects on the same wind farms, adding up to an additional 435 MW of solar power capacity, which are in an advanced state of development.

The transaction was closed at a total Enterprise Value of €650 MM.

This transaction is strategically aligned with Naturgy's objectives, fostering its presence in the Spanish electricity market, expanding its renewable capacity to supply green energy to its customers and allowing the company to advance towards its goal of playing a significant role in the country's energy transition. This brings Naturgy's total wind and solar power capacity in Spain to 5.5 GW, including operational, under construction, and advanced development projects.

Sector: Energy and Utilities