Oaktree Is Said to Mull Sale of Spanish Renewable Firm Eolia

The owners of Spanish wind-power firm Eolia Renovables de Inversiones SCR SA are exploring a sale amid bids from other energy providers, people familiar with the matter said.

A sale could value the company, which is majority owned by U.S. buyout firm Oaktree Capital Group LLC, at more than 1 billion euros ($1.2 billion), the people said, asking not to be identified because the deliberations are private. Power companies in Europe and Asia as well as private equity firms may bid for the company, they said.

No final decisions have been made and Eolia and Oaktree, which owns about 71 percent of the company, may decide against a sale, the people said. A representative for Oaktree declined to comment.

Foreign investors have been buying renewable assets in Spain amid the country’s economic recovery and a shift toward clean power sources. Any deal will add to the $41.9 billion in acquisitions of alternative energy companies globally over the past 12 months, data compiled by Bloomberg show.

Last year, Gamesa Corp. Tecnologica SA and Siemens AG agreed to merge businesses to create one of the world’s biggest wind-turbine manufacturers. Cerberus Capital Management is considering a sale of its Spanish renewable-energy company Renovalia Energy, and Spanish billionaire Manuel Jove is weighing a sale of the Avantegenera renewable-energy business, people familiar with the matter have said previously.

Eolia, incorporated in 2007, owns wind and solar plants in Spain, across the rest of Europe and Canada, according to its website.

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