BBVA has acted as Financial Advisor to FCC in the largest transaction announced in the Spanish renewable sector over the last 30 months

The transaction falls within FCC's strategic plan to divest non-core assets for a total value of c. EUR 2.2 Bn

The sale of a 51% of FCC Energía is a landmark transaction:

  • The largest transaction announced in the Spanish renewable sector over the last 30 months
  • The transaction has been successfully negotiated in a climate of unprecedented regulatory uncertainty
  • Competitive sell side process designed to maximize value and certainty of execution: more than 130 investors have been contacted (industrial players, infrastructure & private equity funds, sovereign wealth funds, and corporate & public pension funds)
  • The transaction represents the key milestone of FCC Divestment Plan (c. 40% of FCC's total announced divestment target)
  • The transaction allows the company to deconsolidate c. EUR 800 Mn of debt while maintaining economic exposure to a future sector recovery
  • The transaction requires the approval from 13 international/national banks divided in three different syndicated facilities
  • Transaction closing expected for the first quarter of 2014

FCC is a leading Spanish construction and citizen services company with sales of EUR 11 Bn and EBITDA of EUR 753 Mn in 2012. FCC Energía, representing 8.4% FCC's total EBITDA, is the Business unit responsible for promotion, development and operation of renewable energy assets with a current portfolio comprising 422 MW of Wind assets, 100 MW of CSP assets, and 20 MW of solar PV assets

Plenium Partners is a renewable energy investor and portfolio manager with a current portfolio under management of 458 MW of solar PV, minihydro and wind assets in Spain, France and Italy

Additionally, this is the 21st M&A transaction announced by BBVA Corporate Finance in 2013 YTD: FCC Energía-Plenium, Almirall-Acqua, Cepsa-Ardian, GALP-bcIMC, Quick Meals-Burger King, Adelanta & Cupa Renovables-Pattac Participaçóes y Servinoga, Cemex-Holcim, Indra-SEPI, Hispasat-Abertis, Springwater-Indra, Europac, FCC/Proactiva-Veolia, Veolia-Beijing Enterprises Water Group, Vueling-IAG, Suaval, Renovalia, Grifols-Progenika Biofarma, Grifols/Progénica-Progenika LatAm, Cementos Portland-CRH.

BBVA Coporate Finance consolidates its position as a reference advisor in the Energy sector, having announced 17 transactions since 2011, including: FCC Energía-Plenium (2013), Cepsa-Ardian (2013), Galp-bcIMC (2013), Adelanta & Cupa Renovables-Pattac Participaçóes y Servinoga (2013), Renovalia (2013), Enagas-Naturgas (2012), Enel Green Power-Elecnor (2012), Enel Green Power-Iberdrola (2012), Oman Oil-REN (2012), Gobierno de Colombia-Brookfield (2011), Galp-Sinopec (2011), Grupo Ortiz-Abo Wind (2011), EDP-Endesa (2011), Cepsa-IPIC (2011), Endesa-Eepsa (2011), Grupo Ibereólica (2011), Endesa-Endesa Servicios (2011).