GIP has formed a partnership with ACS, Actividades de Construcción y Servicios, S.A. (“ACS”), one of the world’s leading engineering and construction firms via an investment across two renewable power generation companies.
The first, Saeta Yield, S.A. (“Saeta”), is the owner of 688MW of operating wind and solar power generation assets located in Spain. Saeta was listed on the Madrid stock exchange in February 2015 and plans to expand its portfolio of assets over time via new acquisitions that are accretive to the company’s distributions. The second, Bow Power, S.L. (“Bow Power”), will develop new renewable power generation projects worldwide, with exclusive rights to all renewable power projects that are developed by ACS. Initially, Bow Power will own up to 460MW of renewable power generation projects located in Europe and Latin America. A ROFO agreement is in place where Saeta will have a first right to acquire assets that are owned or developed by Bow Power.
In Q2 2015, GIP acquired an approximate 24% interest in Saeta Yield and a 49% interest in Bow Power, with ACS holding comparable stakes in both companies.View Next Investment