18 May 2023

BBVA advises Ardian in the sale of ASR Wind to Naturgy

The portfolio consists of 422 MW of operational wind power with 435 MWp of solar photovoltaic hybridization projects in Spain.

BBVA has acted as Financial Advisor to Ardian in the sale of ASR Wind, S.L. (“ASR Wind”), a portfolio of 422 MW of operating wind assets with 435 MWp of solar PV hybridization projects in Spain to Naturgy Renovables S.L.U. (“Naturgy”) The transaction perimeter comprises a 100% stake in ASR Wind, which includes:
  • A total combined capacity of 857 MWp
  • 12 regulated operating wind plants with an installed capacity of 422 MWp
  • 11 solar PV hybridization projects in development stage with an installed capacity of 435 MWp

This is a landmark deal for Ardian given it is the largest renewables portfolio company of Ardian in Spain; and with this transaction, the fund continues to lead among the most active investors in renewables in Iberia.

Despite a challenging macroeconomic environment, coupled with highly volatile markets, BBVA was able to successfully advise and support Ardian to execute a complex deal successfully. With this transaction, BBVA strengthens its position as the M&A advisor leader in Energy transactions, having advised on some of the most relevant transactions in the sector so far. BBVA Corporate & Investment Banking's unique M&A cross-border execution capabilities have been instrumental in enabling the successful completion of this complex transaction.