Cerberus buys renewable energy firm Renovalia: Spanish newspapers

(Reuters) — New York-based investment fund Cerberus [CBS.UL] has bought Spanish renewable energy company Renovalia in a deal worth 1 billion euros ($1.1 billion) including debt, newspapers reported on Saturday.

Neither Cerberus nor Renovalia were immediately available for comment.

Renovalia pulled a planned stock market flotation in 2010 due to market turmoil and lack of clarity on the government’s subsidy plans.

It had planned to list up to 25 percent of the company in a deal valuing the family-owned solar and wind power firm at up to 629 million euros at the time.

Renovalia operates in seven countries and has more than 600 megawatts of power generation in operation and under construction, including 10 wind farms and six solar panel plants.