Stonepeak Acquires Interest in Solaria's Generia Land

Business Wire

5 days ago

NEW YORK & MADRID--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Solaria Energía y Medio Ambiente ('Solaria')(BME: SLR), one of Spain's leading renewable independent power producers, today announced that Stonepeak has completed the acquisition of an interest in Solaria's land platform dedicated to renewables, Generia Land, S.L. ('Generia' or 'the Company'). Together, Stonepeak and Solaria will have joint ownership and governance of Generia.
Established in 2022, Generia is dedicated to sourcing, acquiring, and leasing land in Europe to renewable energy projects, including solar, wind, and battery storage. The Company has a multi-tenant strategy, sourcing and acquiring land for projects being developed by both Solaria and third-party developers. Generia currently has thousands of hectares of land, primarily in Spain and Italy, and will acquire additional land with Stonepeak's investment. This land will support more than 4 GW of supported renewable energy projects. Stonepeak intends to continue to invest behind Generia's strong near-term pipeline of growth opportunities, which is supported by Solaria's broader goals of developing 18GW of capacity for multiple technologies by 2030.
Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, said, 'The European energy market is in the midst of an incredible transformation, with renewable generation capacity expected to more than double between 2020 and 2030, and securing land is undoubtedly an essential role in this transition. We view land aggregation as an attractive and downside-protected segment of the value chain, given its propensity for long-term, inflation-linked revenues, with limited power price exposure.'
He continued, 'Generia's robust pipeline, coupled with Solaria's established presence in Europe, make it a perfect fit for our newly established independent land aggregation platform, which will look to construct a diversified portfolio of grid-connected sites for critical renewable energy infrastructure across Europe. We look forward to scaling Generia and playing a meaningful role in the development of European renewables over the coming decades.'
Arturo Díaz-Tejeiro Larrañaga, Chief Executive Officer of Solaria, added, 'It is a great honor to partner with a top-tier investor like Stonepeak to build one of Europe's leading renewable land platforms. The region offers significant growth potential for these types of investments, supported by strong governmental support for renewable energy and the energy transition. We are confident that Generia will play a key role in securing the land needed to meet the ambitious renewables targets set across Europe.'
Terms of the transaction were not disclosed, and the transaction has already closed. Simpson Thacher & Bartlett LLP and Watson, Farley & Williams served as legal counsel to Stonepeak. White & Case LLP served as legal counsel and Alantra and Kutxabank Investment served as financial advisor to Solaria.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.
About Solaria
Solaria is a leading company in infrastructure, power generation and data centres in Europe. Since its foundation in 2002, it has specialized in renewable energies. Its business model has evolved from the manufacture of photovoltaic cells and panels to the development and management of generation plants. Solaria has a long history on the Spanish stock exchange, where it has been listed since 2007, culminating in 2020 with its entry into the selective Ibex 35. In 2021 Solaria joined the United Nations Global Compact as a Signatory Partner, given the company's firm commitment to sustainability, in line with the Sustainable Development Goals (SDGs) and the 2030 Agenda.
In recent years, Solaria has made great efforts to integrate sustainability as a fundamental pillar of its growth strategy. Since 2019, the company has reduced its carbon footprint by 92% and, among other milestones, has set the goal of zero emissions by 2030, through initiatives aimed at energy efficiency.
For more information, please visit https://solariaenergia.com.