ENGIE has bought Mirova's 51 percent of the Goya wind project in Aragon, lifting its own share from 15 percent to 66 percent. ENGIE was already the project's power buyer, under a contract signed before the turbines were finished. Now it is also the majority owner. The price was not disclosed, but a refinancing three months earlier says a good deal about what the stake was worth.
Key takeaways
- ENGIE announced on 9 January 2024 that it acquired Mirova's 51 percent stake in the 196 MW Goya wind project in Aragon, Spain, increasing its participation from 15 percent to 66 percent, with the deal value undisclosed.
- Before the sale the Goya wind project was owned by Mirova (51 percent), General Electric (25 percent), ENGIE (15 percent) and Forestalia (9 percent), under a joint venture announced in May 2018.
- The Goya project comprises seven wind farms in the province of Zaragoza, in Aguilon, Azuara, Herrera de los Navarros and Fuendetodos, uses GE Vernova turbines, and has operated since 2020.
- Goya sells its power to ENGIE under a 13-year PPA, which Leap records as the first PPA in Spain signed for such a long duration and the first signed before construction of the project was complete.
- In October 2023 the Goya owners secured a loan of about $163 million from Natixis CIB to refinance the project's outstanding debt, equal to about $0.83 million per MW of installed capacity.
How did ENGIE end up as both buyer of the power and buyer of the project?
It started as the offtaker and a small shareholder, and the ownership followed the contract. In May 2018 ENGIE formed a joint venture with Forestalia, Mirova and GE to develop wind farms awarded in Spain's first renewable energy auction in 2016. ENGIE took 15 percent and agreed to buy the power.
A power purchase agreement, or PPA, is a long-term contract under which a buyer takes a project's electricity at agreed terms. Goya's contract with ENGIE runs for 13 years. Under it ENGIE manages risk, optimises the farms' output in Spanish markets and manages the guarantees of origin, the certificates that prove electricity came from renewable sources. ENGIE had announced it would sell the electricity in Spain's wholesale market.
That arrangement gave ENGIE an unusually close view of the asset. It knew the generation profile, the market exposure and the operating costs from the inside. When Mirova's fund came to the end of its life, the natural buyer was the company already handling every megawatt-hour.
Why did Mirova sell now?
Because its fund reached its end date. Mirova held the stake through Mirova Eurofideme 3 (MEF3), and the Goya sale marked that fund's final exit. Mirova said it expected to deliver double-digit returns to its investors as the programme reached the end of its life in 2024.
Goya mattered to MEF3 beyond its size. It was Forestalia's first project developed under the new Spanish tender framework of 2016, and Mirova said the sale showcased its ability to optimise a complex wind asset. Clifford Chance acted as Mirova's legal adviser.
The project that Mirova sold is also smaller than the one first announced. The 2018 joint venture described nine subsidy-free wind farms totalling 300 MW and an investment of about $378 million, with debt from BBVA, CaixaBank and Banco Santander. What reached operation in 2020, according to Leap's records, is seven farms and 196 MW.
What does the refinancing reveal about the stake's value?
It sets a floor. In October 2023 Mirova, GE, ENGIE and Forestalia closed a long-term bank loan of about $163 million arranged by Natixis CIB as bookrunner and mandated lead arranger, to settle the project's existing debt. Lenders sized that loan against Goya's expected cash flows.
Spread across 196 MW, the debt comes to about $0.83 million per MW. Any equity value sits on top of that. The enterprise value of the project was therefore at least the debt plus whatever ENGIE paid for 51 percent of the equity, a figure neither side disclosed.
The refinancing also shows how thoroughly the asset had been examined just before the sale. BNP Paribas led the financing as exclusive financial adviser, Cuatrecasas advised the borrowers, Clifford Chance advised the bank and ran legal due diligence, DNV gave technical advice, Baringa acted as market adviser, Willis advised on insurance and PricewaterhouseCoopers audited the financial model. ENGIE bought a project whose numbers had been examined by a full set of lender's advisers three months earlier. The same financing record notes that the farms avoided 120,762 tonnes of CO2 emissions in 2022 and that their operation and maintenance has a significant local component.
Enerdatics' data shows why the floor matters. Enerdatics records eight operational Spanish wind transactions announced in 2023 and 2024, and only three asset deals among them carry a value that converts to a price per MW: $1.91 million per MW for 257 MW in July 2023, $1.53 million per MW for 10.75 MW in December 2023, and an 857 MW deal that Leap computes at $0.82 million per MW and reports at $1.45 million per MW. That is too few for a reliable median. Goya is one of the five transactions in the set with no usable asset price per MW, which is why its debt is the best public marker of value.
What does the deal signal for Spanish operating wind?
It signals that offtakers are well placed to become owners. A buyer that already markets a project's output carries less information risk than an outside bidder, and can price the stake with more confidence. In Goya's case, the contract ENGIE signed in 2018 also gave it the inside track to control the project in 2024.
It also fits a wider rotation in Spanish wind, where operating portfolios are changing hands as early investors exit. Masdar's acquisition of Saeta Yield from Brookfield and Galp's purchase of a 351 MW operating wind portfolio from Helia show the same pattern at larger scale.
For ENGIE, Goya sits within a Spanish base of 1.7 GW of installed capacity, of which 1.5 GW is wind, 136 MW photovoltaic and 65 MW hydroelectric. General Electric and Forestalia keep their combined 34 percent.
Frequently asked questions
How much did ENGIE pay for Mirova's stake in the Goya wind project? The deal value was not disclosed. The project carried about $163 million of bank debt after an October 2023 refinancing, about $0.83 million per MW.
Who owns the Goya wind project after the sale? ENGIE holds 66 percent, General Electric 25 percent and Forestalia 9 percent.
Who buys the power from the Goya wind farms? ENGIE, under a 13-year PPA. It manages risk, optimises output in Spanish markets and manages guarantees of origin for the project.
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