The Alberta Investment Management Corp. is taking a majority stake in Eolia Renovables de Inversiones, a Spanish renewable energy producer, from Oaktree Capital Management and other shareholders.

“AIMCo is very pleased to become the majority shareholder in Eolia Renovables,” said Ben Hawkins, senior vice-president of infrastructure and timber at the AIMCo, in a press release. “The company’s portfolio of regulated renewable energy assets is highly attractive for AIMCo as a long-term investor.

Read: CPPIB invests additional $320 million in Indian renewables company

“The investment fits well with our investment experience in the renewable energy sector and our ambition to place investments in core geographies in continental Europe. We look forward to working with the management team in the coming years to capitalize on further growth opportunities in the Spanish market.”

Currently, the AIMCo’s portfolio includes more than $6.5 billion in exposure to utilities, power generation and transportation enterprises.

“We are grateful to Oaktree and our shareholders for their significant contributions to Eolia over the past few years and for their continuous support, which has helped position Eolia today as one of Spain’s largest and most significant renewable independent power producers,” said Cristóbal Rodriguez, chief executive officer of Eolia. “We are looking forward to working together with AIMCo, at this exciting time in Spanish renewables as the sector prepares to embark on its next chapter of growth and consolidation.”

Read: Caisse ups stake in global renewable energy company

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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