ELECNOR and APG expand their strategic alliance for project development
Elecnor, S.A. and the Dutch group APG, manager of the second largest pension fund in the world, today closed their strategic alliance for the development and joint investment in energy transmission and renewable energy projects, except wind projects, once completed all the conditions and all the approvals required for the operation, both from the creditor financial institutions and from the corresponding competition authorities.
Until the date of this operation, Elecnor maintained, through its subsidiary Celeo Concesiones e Inversiones, S.L. a 51% stake in Celeo Redes, while APG held the remaining 49%.
The agreement implies the entry of APG, with 49%, in the capital of Celeo, a company 100% owned by the Elecnor Group. This entry is materialized through the contribution of APG shares in Celeo Redes and a payment of 43 million euros, with which Celeo Redes would become fully owned by Celeo.
With this operation, Celeo will be managed jointly by Elecnor and APG. As part of this agreement, Elecnor and APG estimate that they will commit joint capital investments of 400 million euros over the next five years.