In June 2023, Antin Infrastructure Partners agreed to take over Spain's Opdenergy at an enterprise value of $1.4 billion. On paper, the company held 8.4 GW of renewable capacity. Most of that was still in development, and the price does not stretch very far once you split it across what was actually built.
Key takeaways
- Antin Infrastructure Partners agreed on 12 June 2023 to acquire 100% of Opdenergy through a voluntary cash tender offer at $6.29 per share, at an enterprise value Enerdatics calculates at $1.4 billion.
- The enterprise value comprises about $930 million of equity and about $511 million of assumed net debt.
- As of 31 March 2023, Opdenergy had 904 MW operating, 951 MW under construction and 6,576 MW in development across Spain, the United States, Chile, Italy and Mexico.
- Spread across all 8,431 MW, the price equals about $0.17 million per MW, and across only the 1,855 MW operating or under construction, about $0.78 million per MW.
- Holders of 99.60% of Opdenergy's shares accepted the offer in March 2024, and the company was delisted from the Spanish stock exchange in April 2024.
What did Antin actually buy?
Antin bought a full renewable energy platform, not a single portfolio. Opdenergy develops, builds and runs wind and solar projects in five countries. It had listed on the Spanish stock exchange only a year earlier, in July 2022.
The built and building part of the business is relatively small. As of March 2023, it had 904 MW in operation and 951 MW under construction. Examples include the 104 MW Sol de los Andes solar plant and the 50 MW La Estrella wind farm in Chile, the 150 MW Minglanilla solar park in Spain and the 125 MW Elizabeth solar plant in the US.
The rest, 6,576 MW, was in development. Only 574 MW of that was ready to build. Another 1,672 MW was at an advanced stage, and 4,330 MW was at an early stage. Early-stage projects have land or grid applications but face years of permitting before construction, and many never get built.
Several of the built assets carry long-term contracts. Minglanilla has a 10-year PPA with an investment-grade utility. Elizabeth has a 20-year PPA with Entergy Louisiana. La Estrella sells power to Chilean distributors under a long-term PPA.
How was the $1.4 billion price built?
Through a tender offer. A tender offer is a public bid to buy shares directly from a listed company's shareholders at a set price. Antin offered $6.29 per share in cash through GCE BidCo, an affiliate of its Flagship Fund V.
That price was 46% above Opdenergy's last undisturbed share price, 42% above its six-month weighted average and 23% above its July 2022 IPO price. Shareholders holding about 71% of the share capital agreed to accept it before the offer opened. They also agreed to reinvest part of their proceeds in the bidding company, so they stay exposed to the business they sold.
Enterprise value adds the company's net debt to the value of its equity. Here that means about $930 million for the shares plus about $511 million of net debt, for $1.4 billion in total.
What does the price say about the development pipeline?
Very little value appears to sit in it. If the whole $1.4 billion is spread over the 1,855 MW that was operating or under construction, it works out at about $0.78 million per MW. That is low next to what operating wind and solar portfolios fetched at the time, and it leaves almost nothing over for the 6.6 GW in development.
This is a simplification. Assets under construction still need capital to finish, which is partly why net debt sits inside the price. But the arithmetic shows why a platform with a large early-stage pipeline can look cheap per MW. Buyers pay mainly for what is built and contracted, and treat the pipeline as an option that may or may not turn into projects.
Enerdatics' data puts this in context. Enerdatics records 14 Spanish renewable deals with a disclosed value of $300 million or more across 2022 and 2023. Several were pipeline-heavy, and all priced low per MW of total capacity. Brookfield's $1.8 billion deal with X-Elio covered 13 GW, about $0.14 million per MW. Verbund paid $1.1 billion for 4.6 GW of solar from Q Energy, about $0.24 million per MW. Repsol paid $617 million for 7.7 GW at Asterion, about $0.08 million per MW. At about $0.17 million per MW of total capacity, Opdenergy sits in the middle of that group.
Why would Antin pay a 46% premium?
Because it was buying a platform it could grow, not a fixed set of assets. The deal extends Antin's renewables business across Europe, North America and Latin America. It follows Antin's earlier purchases of Blue Elephant Energy in Germany and Origis Energy in the US, two other developer-operators.
Taking Opdenergy private also removes the cost and constraints of a public listing. A private owner can fund development and acquisitions without reporting quarterly to public shareholders. Opdenergy has used that freedom since. In July 2025 it agreed to buy 791 MW of Spanish wind and solar from Acciona for $618 million. That deal took its operating capacity to about 2.4 GW.
What does the deal signal for renewable platforms in Spain?
It signals that listed mid-size developers can be worth more to private infrastructure funds than to the stock market. Opdenergy's shares traded well below the offer before the bid, despite a growing portfolio. A fund with a long holding period was willing to pay a large premium for the same assets.
It also shows how buyers value pipelines. The headline megawatts in a developer's portfolio say little about its price. What matters is how much is built, how much is contracted and how much of the pipeline is close to construction. Sellers of pipeline-heavy platforms should expect to be paid mainly for the first two.
Frequently asked questions
How much did Antin pay for Opdenergy?Antin offered $6.29 per share in cash for 100% of Opdenergy. Enerdatics calculates the enterprise value at $1.4 billion, made up of about $930 million of equity and about $511 million of net debt.
What did Opdenergy own at the time of the deal?As of 31 March 2023, Opdenergy had 904 MW operating, 951 MW under construction and 6,576 MW in development, spread across Spain, the United States, Chile, Italy and Mexico.
Is Opdenergy still listed?No. Holders of 99.60% of the shares accepted Antin's offer in March 2024, and Opdenergy was delisted from the Spanish stock exchange in April 2024.
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