Bridgepoint Said to Weigh Sale of Spanish Wind Farm AssetsManuel Baigorri, Dinesh Nair and Kiel Porter
Bridgepoint, a U.K.-based private-equity firm, is exploring options including a possible sale of its Spanish wind-farm company Borawind amid increasing interest in renewable assets, people with knowledge of the matter said.
The sale of Borawind may attract interest from rivals in renewable energy as well as other buyout firms, the people said, asking not to be identified because the plans are private. Bridgepoint is working with financial advisers as it weighs a potential sale, which may fetch more than 400 million euros ($423 million), the people said.
A spokesman for Bridgepoint declined to comment.
Bridgepoint acquired Borawind from Spanish infrastructure group Actividades de Construccion & Servicios SA in 2012 for about 400 million euros, according to the buyout firm’s website. Borawind has eight wind farms in Northern Spain, which generate enough energy in 2014 to power more than 200,000 homes for a year. It has annual revenue of 60 million euros, according to Bridgepoint’s 2013 annual review.
Earlier this year, Madrid-based ACS sold a stake in its Saeta Yield SA renewable-energy unit. Saeta Yield comprises ACS’s clean-energy assets of 689 megawatts of wind and solar parks in Spain, as well as future power projects globally.