The Partners Group fund enters the home stretch of the sale of its Australian renewable platform Renewable CWPs for which you have expressed a keen interest the Spanish utility Iberdrola, which entered the final phase of the operation.

Before the end of this November, bid participants are expected to submit their binding offers for the company – valued at around 2.5 billion euros– with the intention of being able to reach an agreement before the end of the year.

Before reaching this point, the operation suffered two major convulsions. On the one hand, the irruption of the Danish giant Orsted in the takeover bid and last week the takeover bid launched by Brookfield with EIG on OriginAustralia’s largest utility, which had also made the cut in the operation.

Bid on origin

Brookfield Renewable and MidOcean Energy, owned by EIG fund, reached an agreement on Nov. 10 to buy and slice Origin. MidOcean would acquire the integrated gas division and Brookfield would get the rest of the business. The consortium’s proposal is priced at AU$9 per share, which values ​​Origin at a enterprise value of 18.4 billion Australian dollars (12,000 million euros).

Brookfield Renewable will complete this transaction through Brookfield Global Transition Fund I, which is the world’s largest fund focused on energy transition. The growing uncertainty of the operation could thus open the road to Iberdrola if, finally, Origin will not end up bidding in this process. The Spanish electricity company is in competition with the consortia formed by Origin and the Canadian fund CDPQ, against AGL with Tilt Renewable and QIC and against Orsted.

ICA Partners and Barrenjoey are advising CDPQ/Origin, Lazard and Bank of America are advising QIC and Tilt, and Credit Suisse and JP Morgan and Herbert Smith Freehills are advising Iberdrola. CWP currently has 1,100 MW of assets in operation or in advanced stages of construction and with an additional 5,000 MW under development in the near term and 77 full-time employees. The company began its journey among the main promoters of renewable energies with the union of Continental Wind Partners and Wind Prospect Group. In 2018, the company joined with global investment manager Partners Group to form the Grassroots Renewable Energy Trust, with the ambition to create the largest renewable energy portfolio.

Iberdrola, for its part, has set itself the goal of achieving the 4,000 MW of renewable energy in the country and for this it has promised to invest around 3,000 million euros in the coming years, as explained by its president Ignacio Galán. Currently, the utility has 1,062 MW built and 391 MW under construction and 2,243 MW in the portfolio.