Windrose Renewables portfolio sold to “China Three Gorges Europe”


Halle, 3rd of March 2021 - China Three Gorges Europe (CTGE), acting as Buyer, has reached an agreement to acquire 100% of Windrose Renewables, an onshore wind portfolio representing over 330 MW located in Spain. The move will enhance CTGE’s presence in Europe in addition to its investments in Portugal, Germany, the UK and Greece while reinforcing its presence in Spain after the recent acquisition of X-Elio’s portfolio. Korys is very happy to have been part of this operation, together with the other shareholders Corporación Masaveu, Exus Management Partners and a group of Portuguese minority investors as Sellers.

Windrose Renewables was acquired from Bridgepoint in 2016 (Borawind transaction) by the Sellers. This investment was made together with the Corporación Masaveu, a Spanish family-owned business group. The portfolio is composed of 2 operational assets and 8 wind farms and is located North of Madrid and managed by Exus Management Partners. The power plants acquired by CTGE are operational renewable assets with averaged COD 2007 and entitled to the Spanish regulated remuneration regime.  China Three Gorges Europe (CTGE) has now agreed to acquire the complete operational portfolio showing its commitment to generate sustainable energy in the country. CTGE being the largest clean energy group in China and the largest hydropower enterprise in the world one can state that the Windrose Renewables are in very good hands. The deal confirms the attractiveness of the Spanish energy market, the quality of the underlying assets and the consistency of the current Spanish legal framework.  The Sellers have been legally advised by Allen&Overy during the process, while Linklaters acted as the local legal firm for CTGE. FTI Capital Advisors acted as M&A advisor to CTGE.  The transaction is still pending on customary regulatory approvals but is expected to be completed before the end of the second quarter of 2021. Korys stays focused on energy transition and is more than ever willing to be a driving force in that specific domain. “We are both happy and proud to have been a key player in this story” confirms Investment Director Brieuc de Hults.Above all, we want to be able to deploy our resources and our know-how in the development part of the Energy transition. Windrose being a very performing operational project, doing very well, we were more than happy to take up this sales option when it presented itself. It will create new space and bring extra means to look for and support new growth projects within the Energy transition field where, beside infrastructures, we also want to take part in the technologies that support the energy sector.”

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About Korys:

Korys is the investment company of the Colruyt family.  Today, it has more than EUR 4.5 billion of assets under management. Korys also actively manages participations in privately held companies and its investment decisions are taken with a long-term perspective and based on strict economic (Profit), social (People) and ecological (Planet) criteria. Korys aims to create sustainable value in 3 major ecosystems: Life Sciences, Energy Transition and Conscious Consumer. To do so, Korys can count on a motivated team of 30 professionals based in Belgium and Luxembourg.

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About China Three Gorges Europe:

China Three Gorges Europe is part of the CTG Group, which is the largest clean energy group in China and the largest hydropower enterprise in the world. CTG Group’s business is focused on hydropower development, operation and distribution, as well as renewables generation in China and overseas, including onshore and offshore wind as well as solar energy. CTG Europe is the controlling entity of CTG’s investments in Spain, Portugal, Germany, the UK and Greece.

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About Corporación Masaveu:

Since the group was founded over 170 years ago, its financial strength has remained one of its strategic pillars. The company has a long track record of highly successful investments and divestments and a wealth of experience in holding satisfactory longterm partnerships.

Corporación Masaveu has 1,400 employees, 7 lines of business, a direct presence in 8 countries through subsidiaries, and carries out trade operations in another 50. The group focuses its interests mainly in the banking sector, with important stakes in financial entities and also in the energy sector, with a significant shareholding in EDP.

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About Exus Management Partners

Exus Management Partners is an independent investment and asset management company focused on the renewable energy sector. Exus brings turn-key investment opportunities to institutional and private investors and provides fully integrated technical and financial management services.

Exus has a presence in Europe, Latam and the US and manages around 5.5 GW of wind and solar power generation, providing operation, construction and late-stage development services to third-party investors.

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