Oaktree exits Eolia Renovables

Oaktree acquired a majority stake in Eolia via its OCM Opportunities Fund X in November 2015. The deal valued the company at €1bn, including equity of around €300m and debt of approximately €700m.

Subsequently, the GP completed the placement of €135m in debt secured against its majority stake in the company with Brookfield's infrastructure debt business in December 2017. The deal, which attracted broad international interest from several institutional debt buyers, was used to finance a dividend recapitalisation to Oaktree and cover transaction costs. According to a statement, the debt would be transferrable to prospective investors in Eolia when Oaktree exits the investment.

Company
Founded in 2007 and headquartered in Madrid, Eolia specialises in producing wind and solar power for the Spanish market. The company develops, builds and operates wind farms and photovoltaic plants, and currently has a portfolio of 38 assets with a net attributable capacity of 669 MW.

People
Eolia Renovables de Inversiones – Cristóbal Rodriguez (CEO).
Alberta Investment Management Corporation – Ben Hawkins (senior vice-president, infrastructure & timber). 

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• Topics
• Exits
• Southern Europe
• Infrastructure
• Oaktree Capital Management
• Spain