Aream Group SE, a European investment and asset manager in the sustainable infrastructure sector, has completed the sale of two fully operational photovoltaic plants in Spain. The plants, located in the province of Badajoz in the Extremadura region, were managed by Aream Group through specific investment vehicles and have now been divested to a fund managed by Merus Capital. The transaction was advised by PwC for M&A and Jones Day for legal matters.
The two photovoltaic plants have a combined installed capacity of approximately 26.3 MWp. They have been operational since 2010 and 2011 respectively, thus demonstrating a comprehensive and stable operating history. The economic basis for these assets lies in the Spanish regulatory system for renewable energy generation. This system provides long-term revenue certainty through a remuneration scheme based on RD 413/2014 over 30 years.
Stable Revenues and Strategic Importance
With an estimated remaining regulatory term of 15 to 16 years, the plants generate stable and predictable long-term cash flows within an established regulatory framework. This transaction reflects continued investor demand for contractually secured and regulated renewable energy assets in Spain. Demand is supported by a clear regulatory environment, robust market fundamentals, and long-term energy transition goals.
Clemens Susen, Head of Investments at Aream Group, commented that this transaction represents a successful value realisation for investors and underscores Aream's disciplined approach to active portfolio management in Europe. He stated that Merus Capital had proven to be the ideal investor for these regulated assets. Susen highlighted that Merus Capital had impressed with its technical expertise and comprehensive market understanding, which is essential for plants with such a long operating history.
For Aream Group, the sale of the investment vehicles enables the realisation of value from a mature renewable energy portfolio. With this acquisition, Merus Capital strengthens its presence in the Iberian renewable energy market and expands its portfolio with operational solar plants offering stable and predictable cash flows.
Successful Partnership and Future Prospects
Pablo Goizueta, Managing Partner at Merus Capital, emphasised that the transaction demonstrates Merus Capital's ability to successfully execute complex and challenging projects, even in a demanding market environment. This strengthens the platform for regulated renewable energy generation in Spain. He expressed his appreciation for Aream's flexible, solution-oriented, and professional approach throughout the transaction process, which significantly contributed to the successful close. Merus Capital intends to build upon this transaction and intensify its collaboration with Aream in the future.
