CVC DIF Divests 169MW Uruguayan Wind Portfolio to Pluspetrol
Deal News | Dec 05, 2024 | Dutch Infrastructure Fund BV
CVC DIF, the infrastructure strategy of the renowned global private equity firm CVC, has completed its first divestment in Latin America by selling the Cerro Grande and Peralta wind farm projects in Uruguay to Pluspetrol. This 169MW portfolio, which is the second largest private renewable energy portfolio in Uruguay, encompasses 72 Enercon E-92 turbines. Acquired by DIF V in 2019 and DIF VI in 2021, these projects not only enjoyed operational improvements during CVC's ownership but were also part of a robust value creation strategy. Notably, the Peralta site underwent a significant upgrade, with all 50 towers being enhanced. Advised by Scotiabank, Herbert Smith Freehills, and Hughes & Hughes, CVC's sale underscores a proactive approach to value creation and financial performance while contributing to the energy transition.
Sectors
- Renewable Energy
- Infrastructure
- Private Equity
Geography
- Uruguay – The wind farms sold in the article, Cerro Grande and Peralta, are located in Uruguay.
- Latin America – The transaction represents CVC DIF's first divestment in the Latin American region.
Industry
- Renewable Energy – The article discusses wind farm projects which fall under the renewable energy sector, focusing on wind power as a sustainable energy source.
- Infrastructure – CVC DIF is an infrastructure strategy firm that invests in large-scale energy projects, part of the broader infrastructure industry.
- Private Equity – CVC DIF is an infrastructure strategy of CVC, a global private equity firm, which indicates the investment and divestment activities are rooted in private equity practices.
Financials
- 169MW – The total installed capacity of the wind farm projects sold.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CVC DIF | Seller | Company | CVC DIF is the infrastructure division of CVC, a leading global private markets manager. |
| Pluspetrol | Buyer | Company | Pluspetrol is the company acquiring the 169MW wind farm portfolio from CVC DIF. |
| Scotiabank | Financial Advisor | Company | Scotiabank provided financial advisory services for the transaction. |
| Herbert Smith Freehills | Legal and Corporate Advisor | Company | Herbert Smith Freehills offered legal and corporate advisory services for the transaction. |
| Hughes & Hughes | Legal and Project Advisor | Company | Hughes & Hughes delivered legal and project advisory services for the deal. |
| Andrew Freeman | Partner and Head of Exits | Person | Andrew Freeman is a partner at CVC DIF, overseeing exit strategies including this divestment. |