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Tikehau Capital to acquire bioenergy activities from Acek Energias Renovables

France-headed asset management and investment group Tikehau Capital has recently announced that it has, through its private equity fund dedicated to the energy transition, signed an agreement to invest in the biomass assets of Acek Energias Renovables. The transaction, representing an enterprise value of EUR 81 million (in addition to earn-outs), is the first investment of Tikehau Capital’s private equity funds in Spain and aims at creating a leading pan-European integrated bioenergy player.

Built, owned and operated by Gestamp Biomass, a vertically integrated division of Acek Energias Renovables,  the 17.02 MWe Garray Biomass power plant in Spain started operating in 2013  and it uses forest biomass and residues as fuel, which helps prevent forest fires (photo courtesy Gestamp Biomass).

In 2009, Acek Energias Renovables established its biomass division – Gestamp Biomass – as a vertically integrated platform focused on the engineering, construction, operation, and maintenance of biomass energy plants (power, heat or combined heat and power), as well as the supply of biomass.

The transaction agreement includes the 17 MWe biomass power plant in Garray, Soria as well as its industry-leading engineering business in Puerto de Santa Maria (Cadiz) both in Spain as well as several long-term operations and maintenance contracts in Spain and Portugal.

The acquired business employs over 120 people and generated a turnover of EUR 64 million in 2018. Tikehau Capital seeks to accelerate the company’s growth, developing a robust pipeline of opportunities to create a leading bioenergy player focused on regulated and non-regulated markets.

We are pleased to invest in an integrated platform in the biomass sector in Spain and Portugal. The company enters a new phase supported by Tikehau Capital. Alongside its management team, we aim at creating a leading integrated bioenergy player, said Carmen Alonso, Head of Iberia at Tikehau Capital.

First private equity deal in Spain for Tikehau Capital

The acquisition is the first private equity transaction made by Tikehau Capital in Spain, representing a significant milestone and demonstrating its commitment to invest in this asset class in the region. The company will continue to be led by Emilio López Carmona, who created and led the expansion of the biomass business of Acek Energias Renovables since 2009 and before that, Valoriza Energia.

We share values and commitment with Tikehau Capital to face the challenge of a carbon-neutral and sustainable economy. It is a very important step that will release the potential of our organization to provide integrated solutions in the bioenergy and circular economy sectors in Europe, said Emilio López Carmona, Head of the Biomass Division of Acek Energias Renovables.

This acquisition is made through Tikehau Capital’s Energy Transition Fund, a pan-European private equity fund focused on the development, transformation and international expansion of medium-sized energy transition companies across three verticals: Clean Energy Value Chain, Low Carbon Mobility and Energy Efficiency, Storage and Digitalisation.

We are delighted to invest in the biomass assets of Acek Energias Renovables. It is crucial that companies that can have a direct impact on the environment today have the necessary means to grow. Equity investment, which Tikehau Capital provides, is an effective way to support energy transition actors unlocking entire value chains by giving them the means to develop solutions to drive the decarbonisation of the energy sector, said Emmanuel Laillier, Head of Private Equity at Tikehau Capital.

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