25 Sep Bruc, the green energy group, agrees a corporate financing of € 600 million for the construction of its 8,500 MW portfolio in Spain
- Santander, ING, Instituto de Crédito Oficial, BNP Paribas, Intesa Sanpaolo Schroders Capital and Infranity, lend the funds to the group founded by Juan Béjar which shareholders are OPTrust, USS and Interogo.
- Recently Interogo acquired 49% of the company that brings together the plants already operational and in the advanced phase of construction.
September 25, 2023.- Bruc, the green energy group based in Madrid, has signed a financing agreement with seven entities for an amount of 600 million euros. This amount guarantees a substantial part of the contributions necessary for the investment in the construction and entry into operation of a portfolio of solar photovoltaic and wind generation plants in Spain totaling 8,500 megawatts (MW).
The entities participating in this corporate financing package are Santander, ING, Instituto de Crédito Oficial, BNP Paribas and Intesa Sanpaolo, as bookrunners and MLAs, and Schroders Capital and Infranity, as MLAs. Astris Finance has acted as financial advisor, Allen & Overy as legal advisor to Bruc, and Linklaters as legal advisor to the funders.
The financing agreement has been substantiated under the “corporate sustainable financing” formula, given that the entities have considered ESG (Environmental, Social and Governance) criteria. Bruc’s positioning in the clean energy sector was already key for OPTrust and USS pension funds to enter the company’s capital in 2016 and 2021, respectively.
More recently, past June, Interogo Holding (IH), via its infrastructure investment fund Inter Infrastructure Capital (IIC), entered an agreement to acquire 49 % of a 1,066 megawatts (MW) portfolio of operational and under construction solar photovoltaic generation assets within the BRUC group. Its strategy is to acquire stakes in infrastructure companies that provide essential services to society, are recession-resistant and offer downside protection through stable and predictable cash flows.
With these contributions, Bruc will finance from the group’s parent company the construction of renewable generation plants totaling 8,500 MW in the regions of Aragón, Andalusia, Extremadura, Castilla-La Mancha and Castilla y León. Thanks to hybridization processes, this portfolio of assets includes solar photovoltaic and wind generation plants. Bruc is also developing several renewable energy storage projects.
Juan Béjar, president of Bruc, views this operation “as the closing of a virtuous circle that will allow us to execute one of the most ambitious renewable generation projects in Spain.” The businessman believes that the energy transition must be accelerated, “for which it is essential that we have a stable and predictable regulatory environment and that transport infrastructures be developed both in Spain and in Europe that allow us to take advantage of our natural resources, reduce dependence on primary energies and offer attractive and competitive prices to industry and consumers.” “This is how the financial entities that accompany us on this journey towards a decarbonized economy understand it,” he concludes.
Bruc is one of the largest and most dynamic renewable energy groups in Spain. Founded by Juan Béjar, the shareholders are made up of the OPTrust, USS pension funds and Interogo. It currently has 8,600 MW, of which 1,100 are already operational and in the advanced construction stage.
Bruc considers that an energy transition towards a decarbonized economy is urgently required. Part of this transition rests on the development of clean energies, whose contribution to the countries’ energy systems must be increasing. Bruc’s mission is to generate attractive investment opportunities in the field of renewable energy and manage assets with the aim of contributing to the sustainability of energy supply systems and substantially reducing their environmental impact.
Bruc’s assets are located in Spain and Japan. In the Iberian Peninsula it has 8,500 MW between solar photovoltaic and wind plants, all of them with access granted to the transmission network, while in Japan it manages 100 MW of solar generation. The presence in the Asian country dates back to the beginning of Bruc’s activity, which identified investment opportunities in a market that regulatory guarantees income from clean energy generation activity.
For more información:
José Manuel Velasco