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Indra, the main spanish technology services firm, exits the renewable energy business in order to focus on its core business areas.

Grupo ISASTUR and Boer Energy have reached a Joint Venture agreement to coinvest in Procinsa, which has recently acquired the renewable energy Business of the listed group Indra.

Indra, the main spanish technology services firm, exits the renewable energy business  in order to focus on its core business areas.

PROCINSA, headquartered in Asturias and with over 25 years history, specializes in the engineering of renewable energy projects in particular in the photovoltaic and wind power fields. It has important clients and references in the national and international markets.

Grupo ISASTUR is one of the main Spanish contractors in the electric sector.  Also with base in Asturias, it has an international network of subsdiaries in different countries of Europe, America, Africa and Mid East.

Grupo ISASTUR has currently a turnover of over 150Mn EUR, mainly outside Spain, and employs over 800 professionals internationally. Specializes in the design and turnkey construction of electric generation, transmission and transformation projects.

Boer Energy is the development and EPC subsidiary of Boer Power, the Chinese group listed in Hong Kong whose core business is the design, manufacturing and distribution of electric components. It has a turnover of over 250Mn EUR and employs over 1700 staff in its 3 production bases in China.

This is the second transaction of Boer Power in Spain, after the acquisition a few months ago of Grupo Temper, in order to develop its international expansion in the electric components market.

As explained by Mr. Wang Yun, executive director of Boer Energy, the synergies of the agreement are clear “this transaction puts to use the strengths of both groups and implies a key step in the consolidation of the international project of Boer Power, which now incorporates an experienced partner to develop the growing markets for these renewable technologies”

With this Joint Venture in PROCINSA, the Spanish and the Chinese groups put together resources and strengths to develop renewable energy projects in the Latin American and Asiatic markets, where the have respectively a deep and consolidated presence.

Sergio Robles, General Manager of PROCINSA, highlights that although this agreement has taken considerable time due to the many parties involved, currently PROCINSA is already working in specific projects in China as well as in Latin America under the new partnership.

As with the earlier transaction of Grupo Temper, the current deal has been facilitated and sponsored by Tianshan, a corporate finance advisor which specializes in the energetic and environmental fields. Tianshan has recently established operations in Spain and in this case it has also taken part of the capital of the new Joint Venture PROCINSA.