Onex Renewables buys wind farm portfolio from EDPR for €530 million

July 28, 2021

Cuatrecasas advised Onex Renewables, a subsidiary of Onex Holding, on acquiring a portfolio of wind farms in Portugal belonging to EDP Renewables (“EDPR”) for €530 million.

The portfolio consists of five wind farms, three of which are operating and two of which are in the final construction phase (total output 221.4 MW). When the transaction closes, the five wind farms will be managed by Exus Management Partners, which has a strong presence on the Iberian Peninsula.

To handle this transaction, Cuatrecasas had a multidisciplinary team coordinated by Mariana Norton dos Reis (partner in charge of Corporate and M&A) and Francisco Santos Costa (M&A partner specializing in energy), with other lawyers, including associates Miguel Lencastre Monteiro and Pedro Sacadura Botte (M&A), also participating. The finance team was made up of partner Manuel Requicha Ferreira and consultant Margarida Leal Oliveira; the real estate team was made up of partner Sara Quaresma and associate Gonçalo Nogueira; the public team was made up of partner Lourenço Vilhena de Freitas and associate João Sequeira Sena.

This is yet another transaction in the renewable energy sector, specifically wind energy, on which Cuatrecasas advised. Last year, the firm advised on several transactions in the renewable energy sector: it advised Ventient Energy on acquiring Iberwind and subsidiaries, which was one of the largest transactions in the sector last year.

The transaction will be closed after the corresponding administrative authorizations are obtained.

This is Onex Holding’s first investment in the Iberian market. Onex Holding invests in and manages strategic assets in the energy and fuel trade sectors.

Mariana Norton dos Reis stated: “We are very satisfied with the success of the transaction for Onex, which was developed in a highly competitive process, with other stronger bidders and experts in the Portuguese market, and with a process designed by the seller with a very demanding high level, both regarding deadlines and efficiency and results.”.

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