Juan Béjar, the executive chairman of Bruc Energy, already has on the table the final offers for the sale of at least a third of the capital of his renewable energy company. According to sources close to the operation, Interogo, the company that manages the fortune of the owners of IKEA, is the main candidate to become a partner of the Spanish businessman, former CEO of FCC and former head of the Concessions area of Ferrovial.
Interogo has submitted the highest bid for the portfolio already in operation of Bruc Energy, which, given the difficulties in finding a partner for the whole, decided to split the assets for sale. JPMorgan and Banco Santander, Bejar's two advisors, started in September 2022 the search for an investor to take a third of the energy group's capital for about 700 million . But the drastic rise in interest rates in Europe and the United States and the volatility of energy prices and regulatory changes in Spain are dampening the interest of potential buyers.
For this reason, Béjar and his two partners, the Canadian fund OPTrust, with which he controls 50%, and the British USS, which owns the other half of Bruc Energy, opted to divide the process between the assets already in production and those in the portfolio. A strategy with which the infrastructure expert intended to get a better valuation of the company after receiving some first non-binding offers lower than expected.
Among others, as El Confidencial advanced last February, that of Pontegadea, Amancio Ortega's family office, which was interested in Bruc Energy after starting in 2019 its commitment to the energy sector. First, with the acquisition of minority stakes in Enagás, Red Eléctrica (both with 5%) and the Portuguese REN, of which it took 12%. Then with the purchase of 5% of Enagás Renovable last year and becoming an ally of Repsol in the wind (Delta) and photovoltaic (Kappa) projects.
But, according to other sources, Pontegadea did not go through to the final as Bruc received better offers from Interogo Foundation. This company, which manages the fortune of the Kamprad family, owner of Ikea, manages more than 20,000 million euros in investments in venture capital, stock market shares, infrastructure and real estate. The Liechtenstein-based group owns Switzerland-based Interogo Holding and Inter IKEA Holding, the Dutch owner of the Swedish furniture multinational.
The other candidate
Along with Interogo, the other finalist in this auction is Stonepeak, the U.S. fund that manages more than $55 billion. The firm was once interested in acquiring Urbaser, the ACS services subsidiary, and the energy company Exolum, and is now bidding for Sacyr's cleaning subsidiary.
The other finalist in this auction is Stonepeak, the U.S. fund that manages more than 55,000 million dollars.
If the negotiations are concluded, on which Bruc's official sources have declined to comment, the two partners will enter the company through a capital increase. A contribution of fresh money that will serve to finance the growth plans of the energy group, which has to develop 8.5 gigawatts. Of this amount, about six gigawatts are photovoltaic projects and 2.5 GW are linked to wind power.
Since its founding eight years ago, Bruc has sustained its growth by signing bilateral agreements such as the one sealed in 2021 with Opdenergy for the sale and purchase of 20 solar photovoltaic power generation plants, representing 1,101 MW. Also two years ago, it signed an exclusive agreement with Forestalia to acquire power generation plants with solar photovoltaic technology totaling 2,000 MW. In addition, Bruc has Alstom and Pfizer as clients, with long-term agreements, and has been awarded 100 MW in the second auction of the Ministry of Transition.
Juan Béjar, the CEO of Bruc Energy, already has on the table the final offers for the sale of at least a third of the capital of his renewable energy company. According to sources close to the operation, Interogo, the company that manages the fortune of the owners of IKEA, is the main candidate to become a partner of the Spanish businessman, former CEO of FCC and former head of Ferrovial's Concessions area.