PORTUGAL - Magnum et al acquires Enersis for EUR 1.2bn

Magnum Capital supplied 65% of the equity, with the remainder coming from Portuguese institutional investors, including the Espírito Santo financial group. A debt package was provided by BBVA, Banco Espirito Santo, Caixa Geral and Banco Comercial Portugues. The deal is part of a large-scale disposal programme prompted by the global credit crisis. It is understood that this would be the largest European wind energy deal to date by a private equity firm.

Babcock & Brown (B & B) bought Enersis in December 2005 for a total consideration of EUR 490m. In 2007, it sold half of the business to the group's quoted wind energy fund, B&B Wind Partners. Enersis, which has 515 megawatts of installed wind capacity in Portugal and a further 156MW under construction, represents B & B's biggest wind investment in Europe. B & B also owns close to 300MW of wind capacity in Spain, Germany, Italy and France. The business forecasts revenues of EUR 120m in 2008, with an operating cash flow of more than EUR 100m.

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