NovEnergia Fund’s assets to be sold to Chinese investor

6 February 2018

The NovEnergia Fund, which is owned by the Gulbenkian and Oriente foundations, among other entities, will be phased out and its assets will be sold to an unidentified Chinese investor, Portuguese daily newspaper Público reported recently.

The liquidation of the fund is expected to take place this year and, with this, holding company NovEnergia, which is responsible for the portfolio of renewable projects (including Generg, SGPS) will be directly controlled by the new investor.

The paper said that the process should be completed in September, following authorisations from the regulators, and, if approved, the acquisition will involve an initial portion of 65% and the remaining 35% will be acquired later.

The venture capital fund was launched in 2001 with a base of Portuguese subscribers, although some, such as the Social Security Financial Stabilisation Fund and the Luso-American Development Foundation, opted to give up on the investment, and others like Fundação Oriente and the Gulbenkian Foundation, have kept it to this day (moving from the first vehicle, the NovEnergia Fund 2010, to the NovEnergia II Fund, which retained the assets of the former and expanded the portfolio)

At least two years ago, the Gulbenkian Foundation – which announced the sale of the Partex oil company to another Chinese investor – was signaling its intention to divest in NovEnergia, and this year, Carlos Monjardino, president of Fundação Oriente, said that the assets would be sold to a Chinese investor.

The NovEnergia Fund has investments in solar and wind farms in several countries, such as Italy, France, Poland, Spain, Hungary and Bulgaria, as well as Portugal, where Generg, along with EDP – Energias de Portugal, Spain’s Endesa and German turbine manufacturer Enercon, participated in the project for construction of 1,335 megawatts of installed wind power in the country. (macauhub)