Ardian Buys Uruguay Solar Assets, Boosts LatAm Renewables

Ardian Clean Energy Evergreen Fund (ACEEF) has solidified its presence in Latin America's burgeoning renewable energy sector by acquiring a significant operational solar portfolio in Uruguay. This strategic move marks the fund's debut in the Uruguayan market, underscoring the nation's appeal as a stable and attractive destination for clean energy investments.

The acquired assets comprise two solar photovoltaic (PV) plants with a combined installed capacity of 76 megawatts peak (MWp). This acquisition not only diversifies ACEEF's international holdings but also aligns with its objective of building substantial positions in key renewable energy markets. Uruguay's robust regulatory framework and predictable revenue streams offer a compelling environment for long-term capital deployment, a critical factor for infrastructure funds focused on stable yields.

This expansion into Uruguay is supported by Ardian's established regional infrastructure. The acquired portfolio will be managed by AGR-AM, Ardian's dedicated renewable energy platform operating across Latin America and Spain. AGR-AM will be responsible for the asset management and operational enhancement of the solar plants. Furthermore, these assets will benefit from integration with OPTA, Ardian's proprietary data analytics platform, designed to optimize asset performance and drive value creation across its renewable energy investments.

The investment deepens Ardian's existing ties to Uruguay, where it already holds an interest in Akuo's renewable energy operations. Globally, ACEEF's portfolio spans solar PV assets in Chile and a mix of hydropower and solar PV in Peru, demonstrating a well-developed capability for sourcing, executing, and managing renewable energy projects throughout South America. This extensive regional experience is a key differentiator for the fund.

ACEEF, launched in early 2022 and having closed its fundraising at €1.0 billion in July 2023, operates under an Article 9 designation of the EU Sustainable Finance Disclosure Regulation (SFDR). The fund targets core renewable technologies such as solar, wind, and hydro, while also exploring emerging areas like biogas, biomass, energy storage, and efficiency. With this latest acquisition, ACEEF now manages 1.5 GW of operational capacity across five distinct platforms, reinforcing its commitment to the energy transition.

Benjamin Kennedy, Managing Director of Renewables at Ardian, highlighted the fund's disciplined approach, stating, "Our entry into Uruguay adds high-quality operating capacity that supports stable yields, limits revenue volatility, and strengthens the fund’s diversified exposure to core renewable technologies." This sentiment was echoed by Angel Hernandez Del Teso, CEO of AGR-AM, who emphasized the platform's readiness to "deliver value at scale" and build a "strong and sustainable footprint in the market."

Ardian's broader commitment to the energy transition is substantial, with a history of renewable energy investments dating back to 2007. Across all its infrastructure funds, Ardian manages over 10 GW of clean energy capacity in Europe and the Americas, positioning it as a significant player in the global shift towards sustainable energy solutions.