ACS has taken over 100% of the capital stock of Bow Power, a company dedicated to developing all types of renewable energy generation facilities, by buying the 49% stake that the US GIP fund owned in the firm for 96 million dollars (about 85 million euros), according to the company.
The group chaired by Florentino Pérez, through its industrial subsidiary Cobra, thus takes full control of this firm, which it will also consolidate in its accounts through global integration.
ACS acquires all the capital of Bow Power, coinciding with the new commitment it has undertaken for the generation of ‘green energy’. After gaining capacity in the latest auctions, Cobra is currently building different facilities in different parts of the country.
Bow Power is the company constituted by the construction and services group and the US fund when in 2014 ACS decided to segregate its renewable assets by integrating them into a firm that it named Saeta and listed on the stock market in 2015
Based on their pact in Bow Power, ACS and GIP gave preference to Saeta to buy the green energy facilities that they built and put up for sale.
However, last year, the two partners agreed to sell the 24.5% stakes they respectively had in Saeta to Brookfield, through the bid that this Canadian fund launched on the clean energy company.
This process, which led to the exclusion of Saeta from the stock exchange, also led to the breakdown of the agreement that this firm had with its ACS and GIP shareholders through Bow Power for the purchase and sale of renewable assets.
Brookfield then attributed the breakdown of the agreement to “the lack of alignment of interests” and his consideration that it was “inappropriate and unnecessary” to keep it current.
Similarly, Bow Power sells to other operators. Last December Red Eléctrica Internacional acquired from them the concession for a high voltage line in Peru for 205 million dollars.