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    Altano buys Navarro Generación Group's mini-hydro plants to grow in Spain


    September 9, 2022 - CE Noticias Financieras

     

      Altano Energy has closed the purchase of a renewable portfolio of a total of 112 MW of mini-hydro and photovoltaic assets in the Iberian Peninsula, including both operational projects and projects in an advanced stage of development, located in Asturias, León and Cuenca, which belonged to the Navarro Generación group.

      With this acquisition, the company will contribute to reduce the emission of more than 70,000 tons of CO2 into the atmosphere each year, generating the equivalent of clean energy supply for more than 80,000 homes.

      Altano Energy, backed by institutional investor Pioneer Point Partners with E60 million, was created in June 2021 and has already consolidated a portfolio of more than 350 MW of solar photovoltaic, wind, hydro and hybrid projects in the Iberian Peninsula.

      Thus, the company is redoubling its efforts this year by consolidating a technologically diversified portfolio of renewable assets, with the idea of developing a strategy focused on optionality and value generation.

      Earlier this year, Altano Energy also acquired a portfolio of 100 MW of photovoltaic and wind projects in an advanced state of development in the province of Granada, in addition to the 64 MW Royal solar photovoltaic project in Puertollano (Ciudad Real), which was acquired in 2021 and is nearing completion.

      For Miguel Sánchez Praena, CEO of Altano Energy, "this transaction is an important step in our strategy to become the reference platform for renewable energies in the Iberian Peninsula. We will continue to explore new opportunities that can generate value for our shareholders while allowing us to continue driving the energy transition".

      Altano Energy, led by Miguel Sánchez Praena and Íñigo Sánchez-Junco, has been supported in this transaction by Herbert Smith Freehills in the legal part, and by Capgemini Engineering, Qanat Ingeniería, Gold and KPMG for the Due Diligence.

      The process has been coordinated by PwC and a large international electric company has also been interested in the process.

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