Statkraft connects 44.5-MW solar farm to grid in Spain
Sep 19, 2024 15:28 CESTUK buyout firm Cinven’s agreement to buy a majority stake in Spanish energy transition products and services provider Amara NZero from private equity firm ProA Capital has been filed for approval from the European Commission (EC).
Madrid-based Amara NZero offers a broad portfolio of services, including among others, provision of photovoltaic (PV) solutions, spare parts and safety for wind turbines maintenance, and supply of materials and services for the maintenance and operation of hydro plants.
The deal with Cinven was agreed upon at the end of April. Its financial details remained undisclosed.
The transaction parties submitted paperwork with the EC earlier this month. The EU merger regulatory has set an August 8 provisional deadline for a ruling on the deal, a notice on its website shows.
Amara NZero is a business-to-business distributor of products and services used in the energy transition market. Apart from renewables, the company also specialises in high and medium voltage grids, digitalisation and energy efficiency, as well as in energy transition-focused logistics solutions. It has a strong presence in Spain, Italy and Brazil, and a growing footprint in the US, Mexico and other countries.
ProA Capital acquired a majority stake in the Spanish business in 2021. Upon completion of the deal with Cinven, ProA, along with Amara NZero’s chairperson Pablo Arnus and CEO Gonzalo Errejon, will remain as minority backers.
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