aream Group SE, a leading European investment and asset manager focused on sustainable infrastructure, has completed the sale of two regulated, fully operational solar photovoltaic (PV) plants located in the province of Badajoz, Spain, to a fund managed by Merus Capital. The assets were held through investment vehicles managed by aream Group. aream was advised by PwC as M&A advisor and Jones Day as legal advisor.

The two plants are located in the Extremadura region and have a combined installed capacity of approximately 26.3 MWp. Operational since 2010 and 2011 respectively, the plants benefit from a long and proven track record of stable performance.

The assets operate under Spain’s regulated framework for renewable energy generation, which provides long-term revenue visibility through a 30-year regulated remuneration scheme based on a standard rate of return regulated under RD 413/2014. With an estimated remaining regulatory life of approximately 15 to 16 years, the plants offer stable and predictable long-term cash flows within a well-established regulatory environment.

The transaction underlines continued strong investor demand for contracted and regulated renewable energy assets in Spain, supported by regulatory visibility, resilient market fundamentals and long-term energy transition targets. The plants represent an established operating platform in one of the country’s core solar regions, offering immediate operating exposure and long-term income visibility.

Clemens Susen, Head of Investments, aream Group: “This transaction represents a successful value realisation for our investors and reflects aream’s disciplined approach to active portfolio management across Europe. With Merus we have transacted with the perfect investor for these regulated assets and thank the whole Merus team for a very constructive transaction approach. Assets with a long operating history require real market know-how, and Merus has demonstrated their technical expertise and comprehensive understanding of the market.”

For aream Group, the sale enables the respective investment vehicles to crystallise value from a mature renewable energy investment. For Merus Capital, the acquisition marks a further step in strengthening its presence in the Iberian renewable energy market, adding high-quality operating solar assets with stable, predictable cash flows. 

Pablo Goizueta, Managing Partner, Merus Capital: “This transaction demonstrates Merus Capital’s ability to execute complex and highly sophisticated transactions in a challenging market environment, further strengthening our regulated renewable energy generation platform in Spain. We would like to thank aream for their flexible, constructive, and highly professional approach throughout the transaction process, which was instrumental in achieving a successful outcome. We look forward to building on this transaction and continuing to develop business together with aream in the future.”