Naturgy buys Ardian’s renewable assets in Spain for €536 million


Naturgy has won the bid for the renewable assets of the French fund Ardian in Spain. The company headed by Francisco Reynés has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW distributed in 12 wind farms in operation in Spain. The transaction also includes a pipeline of solar hybridisations of up to 435 MW, which are at an advanced stage of development as most of them already have land and interconnection permits and most of them will be operational by 2025.
In addition, the acquired portfolio has the possibility of repowering the wind farms at the end of their useful life, which is expected to take 16 years on average.

The value of the purchase amounts to €536 million, with an Enterprise Value (EV) of €650 million, which implies an EV/ebitda 2023E ratio of around eight times. Naturgy was Ardian’s preferred bid ahead of Norway’s Statkfraft and Portugal’s Galp.

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