Capital Energy to sell $1 bln renewable energy portfolio -sources
The portfolio of assets is estimated to be worth up to $1 billion, according to two sources with knowledge of the deal, although final valuation will depend on due diligence of the projects.
The sale, named "Project One", consists of 48 projects ready to start construction within the next 15 months amounting to 1.6 GW, 0.7 GW of solar PV potential that can be integrated into the wind portfolio and 2 GW of early-stage wind assets. The bidders could either offer to buy the projects that are closer to completion, a separate parcel of less developed assets, or both, the sources said.One gigawatt of power is roughly equivalent to the average production from one nuclear plant, although renewable power is intermittent.to increase targets for wind generation capacity to 62 GW, from 50 GW, photovoltaic solar generation capacity to around 76 GW, and power storage capacity to 22 GW.
According to the materials distributed by Lazard, the sale includes a team of 45 employees of Capital Energy. Currently, Capital Energy employs 355 people and holds a renewable portfolio of 25 GW, out of which 10 GW are in advanced development with granted access to the Spanish power network.Reporting by Andres Gonzalez, editing by David Evans
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