RENEWABLE POWER INTERNATIONAL acquired by CUBE INFRASTRUCTURE
Context
RPI has been acquired by a consortium led by Cube Infrastructure Fund, together with Demeter Partners, the company’s management team, and two Spanish family offices. The transaction closed in June 2021, transferring ownership of all 17 mini‑hydro plants and associated concessions from Renewable Power International Holdings to the new shareholders. The acquisition follows a structured purchase agreement that assigns the operating licences, water rights, and existing power purchase contracts to the consortium. The consortium’s rationale centers on consolidating a high‑quality, low‑carbon generation platform within the Iberian market, where small‑hydro capacity is slated for substantial growth under national renewable targets. Cube Infrastructure contributes capital and infrastructure expertise, while Demeter Partners offers private‑equity experience in energy assets. Management participation aligns operational incentives with shareholder objectives, facilitating accelerated development of pipeline projects identified in regional plans. Post‑closing, the owners intend to implement a unified asset management framework to optimise turbine performance, reduce operating expenditures, and extend concession lifespans through proactive maintenance. Integration of standardized reporting and procurement processes is expected to generate cost synergies across the portfolio. The expanded capital base will support the identification and financing of additional small‑hydro sites, potentially increasing total capacity and reinforcing the consortium’s position in the Iberian renewable sector.
RENEWABLE POWER INTERNATIONAL, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
Target
Renewable Power International (RPI) is an independent power producer headquartered in Madrid that focuses on renewable energy generation in the Iberian Peninsula. Established over 25 years ago, the company specializes in the development, construction, and operation of small‑hydro facilities, a niche that accounts for the majority of its installed capacity. RPI currently operates 17 mini‑hydro plants—ten in Spain and seven in Portugal—with a combined nameplate capacity of 85 MW. Each asset is held under long‑term concession contracts that provide an average remaining operational life of 28 years, ensuring stable electricity output and predictable cash flows. The company’s business model centers on acquiring water rights, securing grid connection permits, and managing turbine and civil infrastructure, while selling generated electricity under regulated tariffs and power purchase agreements. RPI’s customer base includes national transmission system operators and regional utilities that purchase the renewable output to meet statutory renewable targets. The firm’s portfolio is geographically diversified across the Spanish Atlantic coast, the Cantabrian basin, and Portuguese river systems, allowing exposure to varied hydrological conditions. RPI maintains an in‑house engineering team responsible for routine maintenance, performance optimisation, and compliance with environmental licences. The company also pursues pipeline development, targeting additional small‑hydro sites identified in the Iberian Renewable Energy Plans, which project an incremental 850 MW of capacity by 2020. Funding for new projects is sourced from equity partners and project‑level debt.
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REFERENCES
Valuation range: EV 100M - 350M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: renewable power international
Acquirer: cube infrastructure