Saturday, December 2, 2023

Garrigues advises Ikav on €40m PV deal with Audax

Garrigues has advised Germany -based Ikav fund on the closing of a €40 million deal with Spain´s Audax Renovables for photovoltaic projects


Audax Renovables, a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas and with a presence in 9 countries, has incorporated the international fund IKAV as a partner in its portfolio of photovoltaic projects, thus giving visibility to the value of its assets in the market and obtaining the necessary resources to continue with its ambitious strategic plan in the medium and long term.

The Group, which boasts one of the highest quality pipelines in the sector, as its projects are located in those areas with the best resources in the technologies in which it is present, onshore wind and photovoltaic, materializes and adds value to its portfolio of assets, thus increasing the Group’s turnover and EBITDA levels.

The innovative operation includes several different types of agreements. First, IKAV acquires, through one of its investment companies, a 49% stake in the capital of Audax Renovables’ solar projects currently in operation (69.5 MWp) for EUR 8.8 million. The accounting profit in Audax Renovables, S.A., at an individual level, from this deal amounted to EUR 2 million. In addition, Audax reserves the option to repurchase the capital in the future.

In addition to the foregoing, IKAV provides long-term financing in the amount of €29.9 million to these plants in operation, thus recovering part of the capital invested by Audax and allowing the company to use these funds to continue promoting other projects in the portfolio.

Furthermore, both groups have an agreement that provides for IKAV to become a shareholder of the SPVs by providing the necessary financing for those photovoltaic generation projects with a total capacity of 160 MWp that reach the Ready to Build (RtB) phase within 2022/23.

Accordingly, the partnership between both business groups can attain a perimeter of 230 MWp in which Audax Renovables will continue to consolidate and maintain control of the assets, thus reinforcing its business model.

Through this deal, Audax Renovables gives new impetus to its renewable asset rotation strategy, maintaining majority ownership and control of the assets at all times, selling the energy produced through a PPA and supplying itself in the most efficient way possible.

Garrigues advised Ikav with a Barcelona office team comprising partner Naiara Bueno and senior associate Arturo Noguer.

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