Newsec advises on the sale of a wind portfolio to Renewable Power Capital
Newsec advised on the landmark EUR 800 million deal where Renewable Power Capital doubled its onshore wind portfolio.
18. TOUKOKUUTA 2023
▪ 3 Lukuaika
Managing Director & Managing Partner Energy Transition
Renewable Power Capital
The landmark deal, valued at EUR 800 million, more than double RPC’s onshore wind portfolio as the UK-based renewable energy company scales up its business. Besides advising the sellers on the sale to RPC, Newsec has also in close partnership with legal and technical advisers supported the sellers on so called last-mile development, taking the portfolio to construction ready-stage.
The transaction includes the acquisition of the projects and the commitment of the capital required for construction. The four sites are expected to generate power ready for export to grid in Q4 2025.
The deal is a significant milestone for RPC, the third of 2022, as it more than doubles the company’s onshore wind portfolio from 317MW to a total of 845MW across Sweden and Finland, in addition to a nearly 4GW solar PV pipeline in Spain.
In addition, RPC will be responsible for completing the procurement and overseeing the construction management of the projects, bringing to bear its increasing industrial capabilities as it seeks to partner with leading equipment manufacturers and construction companies.
Bob Psaradellis, CEO, Renewable Power Capital commented:
“We are very excited about this deal. It demonstrates not only our ability to invest at scale in European renewables but also showcases our rapidly growing commercial and industrial capabilities across power markets, debt financing, construction management, and procurement.
Today marks a landmark moment, and the biggest deal to date for RPC, but it also forms part of a long-term strategy to invest in post subsidy renewable power and storage infrastructure across Europe.
We set out to bring a new approach to investing in, owning, and operating renewable energy assets and we see our relationship to projects very much over the long term, which is why we continue to have strong conviction in renewable energy despite the current volatility in the market. Increased renewables capacity in Europe in a post subsidy world is good for energy security and for the energy transition.”
Omid Ashrafi, Managing Partner at Newsec commented:
“We are delighted to sign the deal with RPC and work alongside the team to enable the construction of this high quality 528 MW portfolio. The Nordics continue to be on the forefront of the energy transition with subsidy-independent large-scale renewable energy projects that require sophistication in both technical, financial and commercial structuring. Our advisory scope has in this deal spanned beyond renewable energy M&A to also commercial and technical optimization during the past two years of development. We are very excited to follow RPC’s continued journey toward the successful construction and operation of this important project.”
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