Under the agreement, IKAV became the owner of 49% already operating photovoltaic power plants with a capacity of 69.5 MW in exchange for EUR 8.8 million, which is its contribution to the power plant as a financial partner and provides long-term financing worth EUR 29.9 million.

Moreover, the investment fund will join the shareholders of special purpose vehicles, providing the financing necessary for the construction of photovoltaic power plants with a total capacity of up to 160 MW, which will be in the "ready for construction" phase in 2022/23.

Audax Renovables (ADX.MC) - a Spanish vertically integrated energy group that produces and supplies electricity from renewable sources and gas in 100%, operating in nine countries - has included photovoltaic power plants from its portfolio as its partner in the international IKAV fund, proving In this way, the value of its assets on the market and obtaining the funds necessary to further implement its ambitious strategic plan in the medium and long term.

The group, which probably has the best infrastructure in the sector, as its power plants are located in areas with the best access to the technologies it uses - terrestrial wind and photovoltaic - shows how valuable and attractive its portfolio of assets is. This will translate into an increase in sales and the Group's EBITDA.

This innovative deal includes several deals with different goals. First, IKAV acquires, through one of its investment companies, a 49% equity stake in Audax Renovables photovoltaic power plants, which are currently operating (69.5 MW), for the amount of EUR 8.8 million. The accounting profit from this transaction for Audax Renovables, SA on an individual basis amounted to EUR 2 million. In addition, Audax reserved the option to repurchase the capital in the future.

In addition, IKAV will provide long-term financing in the amount of EUR 29.9 million for the already operating power plants. Thanks to this, Audax will recover part of the invested capital and will be able to allocate the obtained funds to include more power plants in its portfolio.

Moreover, the groups have also signed an agreement according to which IKAV joins the shareholders of special purpose vehicles, providing the financing necessary for the construction of photovoltaic power plants with a total capacity of 160 MW, which will enter the "ready for construction" phase in 2022/23.

Therefore, the cooperation of both capital groups may reach 230 MW of power. Audax Renovables will continue to strengthen and maintain control over the assets, in line with its business model.

With this transaction, Audax Renovables gave a new impetus to its renewable asset rotation strategy, while maintaining majority and control of them at all times. The energy produced will continue to be sold under PPAs (power purchase agreements), and the company will purchase electricity in the most efficient way possible.

“We are very happy that we can count IKAV – a reputable and reliable company – among our partners,” assured José Elías, the main shareholder and President of the Management Board of Audax Renovables. “This transaction is another that demonstrates the high quality and attractiveness of our portfolio, contributing to the increase in the value of our operating assets. Our goal is to reinvest the acquired funds and, consequently, to implement our strategic plan,” he added.

IKAV Group Chief Operating Officer Emilio Camblor said: “We are delighted to support such a renowned company as Audax Renovables in developing its renewable energy business in Spain. IKAV already has a portfolio of regionally significant renewable assets under its management, so this transaction fits perfectly into our long-term investment strategy.”

The company, headed by José Elías Navarro, was advised on the transaction by, among others, ING and J&A Garrigues.