A core infrastructure fund managed by EQT has acquired an 82.1% stake in Tion Renewables, in a deal that values the Germany-based renewable energy producer at €150m.
EQT Active Core Infrastructure has agreed to buy Pelion Green Future Alpha’s 71.7% interest in Tion and will also buy an additional 10.4% of Tion’s share capital.
The take-private deal values the 167MW renewables firm at €31.61 per share or €150m, representing a 35% premium to the company’s last closing price on Germany’s XETRA.
Pelion is expected to reinvest and remain a minority shareholder in Tion.
Tion has a diversified portfolio of utility-scale solar, wind and battery storage assets across the EU and in the UK, and benefits from a development pipeline of additional solar, wind and battery storage projects.
Fabian Gröne, a partner within EQT Active Core Infrastructure’s advisory team, said: “Tion Renewables plays an important role in Europe’s energy market by producing over 300GWh of green electricity every year.
“This acquisition, which is EQT Active Infrastructure’s second investment, is a prime example of the fund’s purpose-driven and active investment strategy directly contributing to the energy transition and decarbonization targets.”
EQT’s Active Core Infrastructure fund is a longer-hold fund targeting core infrastructure companies that provide essential services mainly in Europe and North America.
Jan Krüger, a partner at Pelion Green Future, said: “In EQT, Tion Renewables has found a highly experienced, reputable, and long-term partner, which will allow Tion to leverage Pelion’s and EQT’s strong track record in pushing the energy transition.
“We remain strong supporters of Tion and by remaining invested, look forward to continuing to support the Company on its path to becoming one of the champions of the global energy transition.”
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