Merus Capital has strengthened its presence in the Iberian renewable energy market through the acquisition from aream Group of two operational solar photovoltaic plants located in the province of Badajoz, with a combined installed capacity of 26.3 MWp. Following the transaction, the investment manager's portfolio now exceeds 300 MW across Spain and Portugal, generating more than 500 GWh of electricity annually.
The assets, previously owned by investment vehicles managed by aream, entered into operation in 2010 and 2011 and operate under Spain's regulated remuneration framework, providing long-term revenue visibility. The acquisition further reinforces Merus Capital's strategy of investing in mature renewable energy assets with established operating track records and predictable cash flows.
The plants are covered by the regulatory framework established under Royal Decree 413/2014, which provides regulated remuneration based on the reasonable return of a standard reference installation. According to aream Group, the assets have an estimated 15 to 16 years of remaining regulatory life within a 30-year remuneration scheme.
The transaction highlights the continued appeal of regulated renewable energy assets in Spain among institutional investors, particularly those offering stable revenues and limited exposure to electricity market volatility. Against a backdrop of growing demand for energy infrastructure investments with defensive risk profiles, this type of asset has become one of the most attractive segments of the renewable energy market.
Pablo Goizueta, Managing Partner of Merus Capital, said the acquisition strengthens the firm's regulated renewable generation platform in Spain and demonstrates its ability to execute complex transactions in an increasingly competitive market environment.
Clemens Susen, Head of Investments at aream Group, commented that the transaction represents a successful value realisation for the firm's investors and reflects aream's disciplined approach to actively managing sustainable infrastructure portfolios across Europe.
For the transaction, aream Group was advised by PwC as financial adviser on the M&A process and by Jones Day as legal adviser.
Founded in 2019, Merus Capital is an independent investment manager specialising in renewable energy and energy infrastructure. Its investment vehicles control more than one hundred solar and small hydropower assets, either in operation or under construction, with a combined capacity of more than 300 MW across Spain and Portugal.
Founded in 2005, aream Group develops and manages investments in sustainable infrastructure, primarily in solar and wind energy, electricity networks and energy storage. The company has completed transactions with a total value exceeding €2.5 billion.
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