Pluspetrol Acquires 169MW Uruguayan Wind Farms from CVC DIF, Exits from Latin American Portfolio
Deal News | Dec 05, 2024 | CVC Capital Partners
CVC DIF, a branch of CVC Capital Partners, has announced the successful completion of its sale of the Cerro Grande and Peralta wind farm projects in Uruguay to Pluspetrol, marking the firm's first successful divestment from its Latin American portfolio. The sale consists of wind farm projects totaling over 169MW of installed capacity, constituting one of the largest private portfolios of renewable assets in Uruguay. Diffused across 72 Enercon E-92 turbines, Cerro Grande and Peralta were operational wind farm projects acquired in 2019 and 2021, respectively. Under CVC DIF’s ownership, operational improvements, notably at the Peralta site with the enhancement of all 50 towers, drove significant efficiency gains. The transaction was facilitated by financial and legal advisors including Scotiabank, Herbert Smith Freehills, and Hughes & Hughes. Indeed, this exit underscores CVC DIF's strategy of proactive value creation and its commitment to delivering superior returns whilst supporting the energy transition.
Sectors
- Renewable Energy
- Private Equity
- Infrastructure
Geography
- Uruguay – The wind farm projects mentioned in the article are located in Uruguay, making it a relevant geographic classification.
- Latin America – The transaction marks CVC DIF's first divestment in Latin America, emphasizing its strategic business movements in this region.
Industry
- Renewable Energy – The article involves the sale of wind farm projects, reflecting investments and business operations within the Renewable Energy sector.
- Private Equity – CVC Capital Partners, a significant player in the Private Equity space, executes a divestment strategy with its specific infrastructure funds.
- Infrastructure – The infrastructure funds DIF V and VI focus on infrastructure investments, showcasing operations under this classification.
Financials
- 169MW – The installed capacity of the wind farm projects sold in the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CVC DIF | Seller | Company | The infrastructure strategy branch of CVC Capital Partners responsible for overseeing the divestment. |
| Pluspetrol | Buyer | Company | The company acquiring the wind farm projects from CVC DIF. |
| Scotiabank | Financial Advisor | Company | Advised CVC DIF on financial aspects of the transaction. |
| Herbert Smith Freehills | Legal and Corporate Advisor | Company | Provided legal and corporate advice for the transaction. |
| Hughes & Hughes | Legal Advisor | Company | Advised on legal aspects related to the project. |
| Andrew Freeman | Partner and Head of Exits | Person | A partner at CVC DIF who commented on the transaction significance. |