Canadian private equity and infrastructure manager Brookfield Renewable European Development Limited merged its Spanish and British businesses financing commercial, industrial and residential electricity self-consumption, Finlight Holding and Atrato Onsite Energy Holdco Limited, respectively, to create the largest group in its sector in Europe.
The operation has been completed after Brookfield reached an agreement with the Riberas and Benjumea families to spin Finlight off from Powen’s perimeter, exiting the latter’s capital and acquiring 100% of the former for around 150 million euros.
Uría Menéndez represented Brookfield, with a team led by partners Manuel Echenique Sanjurjo and Alex Bircham.
The company resulting from the merger of Finlight and Atrato, which will operate under the Finlight brand and be based in the United Kingdom, is majority-owned by Brookfield, while Real Asset Investment Management (RAIM), which already participated in Atrato along with the Canadian group, will remain a minority shareholder.
The group will have an installed and under-construction capacity of approximately 700 MW, distributed across 815 commercial and industrial (C&I) plants, in addition to 23,000 residential solar and battery systems in the UK, Spain, and Portugal. Its customer base includes both individual homeowners and global companies such as Amazon, Bentley, Gestamp, Nissan, Tesco, and Valeo.
Finlight plans to invest over £2 billion (US$2.66 billion/€2.31 billion) in the distributed generation market to expand its portfolio by 2030, primarily through organic growth supported by potential smaller, complementary acquisitions. Initially, it will focus on its existing markets while also seeking to expand into new geographic regions.
Legal Advisors
Asesores de Brookfield Renewable European Development Limited:
- Uría Menéndez: Partners Manuel Echenique Sanjurjo and Alex Bircham. Associates Eduardo Bayona Gálvez and Juan Delgado Giner. Senior Associate Daniel Segovia Soriano.
