Plenium takes 51% of FCC RE
Investment bank Plenium Partners has bought a 51% stake in the Spanish renewable energy business of FCC, the construction and infrastructure group.
The deal with Madrid-based Plenium includes a controlling share at FCC’s 422MW of wind at 14 plants, and its interests in 120MW of PV and solar thermal capacity.
The wind farms use turbines supplied by compatriot Gamesa and were the subject of a major O&M extension deal earlier this year.
FCC said the divestment will cut its interest-bearing debt by €763m ($1.05bn), and is a vote of confidence in its ability to deliver on its corporate turnaround plan.
The deal includes clauses that could see FCC earn more from the renewables business than corresponds to its residual 49% stake, depending on how its fortunes evolve.
BBVA, Bankia and Goldman Sachs acted as advisors on the deal, which comes days after FCC successfully refinanced the debt of its UK environmental services operation.