AZ Capital advised Naturgy on the acquisition of ASR Wind from Ardian

Naturgy Energy Group, S.A.. (“Naturgy”) reached an agreement with Ardian for the acquisition of 100% of ASR Wind S.L. (“ASR Wind”), a company owning a portfolio of 12 renewable energy projects in Spain composed of: i) 422 MW regulated operating wind assets, and ii) 435 MWp solar PV hybridization projects (thereinafter the “Transaction”). The Transaction ascribes an equity purchase price for ASR Wind (100%) of €536m, translating into an Enterprise Value of €650m, equivalent to approximately 8x EV/EBITDA 2023E. Moreover, the transaction is consistent with Naturgy’s investment criteria, focusing on proven technologies in core geographies, maintaining its financial discipline and returns criteria.
The assets will be transferred with no personnel, hence presenting significant synergies when integrated into Naturgy’s nearby operations. Furthermore, ASR Wind includes a highly attractive late-stage solar PV hybridization pipeline, allowing to maximize the value per connection point of the project. In addition, at the end of the remaining useful life of the operating assets, estimated at 16 years on average, a repowering can be implemented to maximize the project value.

AZ Capital advised Naturgy on the acquisition of ASR Wind from Ardian.

AZ Capital

Advised in the sale of

ASR Wind


Naturgy Energy Group S.A.


MidCap Alliance