Saeta Yield closes the acquisition of Lestenergia in Portugal for 104 million euros, with international recurrent cash flow now representing 18%
Saeta Yield has completed the acquisition of Lestenergia, a portfolio of nine operational wind farms totalling 144 MW located in Portugal. The cash consideration of the acquisition is approximately 104 million euros (representing a total enterprise value on the acquisition date of 186 million euros, including the existing debt). The deal will increase recurrent cash available for distribution by 2.4 million euros, to 75.5 million euros, a 19% rise on the figure announced on the Company’s IPO in 2015. Saeta Yield plans to achieve 50% of this cash flow from foreign sources by 2019. With this acquisition, the Company is a step closer to achieving that target, with 18% of cash flow from foreign sources and 23% of its installed capacity in Portugal and Uruguay.
Saeta Yield is an operator of renewable energy assets with the principal aim of offering sustainable, consistent growth in shareholder value. To do so, it invests in long-term stable and predictable cash-flow-generating assets, in order to offer the shareholder the best returns. Currently, 52% of its capital is free float and distributed among institutional and minority shareholders. Its remaining capital is distributed between its two main shareholders, ACS and GIP, each with 24%.
The acquisition of Lestenergia was closed following an agreement with ProCME, a Portuguese subsidiary of Grupo ACS, and will be financed by Saeta Yield’s available liquidity.
“This deal forms part of our international diversification strategy with the clear medium-term target of balanced cash flow generation in Spain and abroad, distributing our assets among various renewable technologies in stable countries with a strong currency”, explained the Chairman of Saeta Yield, José Luis Martínez Dalmau.
“Saeta Yield has a unique strategy based on two pillars: excellent management of its asset portfolio and acquisition of new assets that will generate returns for shareholders. The acquisition of Lestenergia takes place in the context of this strategy and will generate value from day one”, he added.
“Carapé I and II, the assets we bought in Uruguay in May this year, and Lestenergia in Portugal are proof of the Company’s future growth prospects. Future RoFO assets and third-party acquisition opportunities should bring additional growth in the coming quarters”, indicated the Chairman of Saeta Yield.