Corporación Eólica CESA SA (CESA) is one of the leading players in the European renewable energy sector, specialising in the development and operation of wind farms in Spain. Founded in 1995 as the wind subsidiary of a diversified industrial group, CESA was de-merged in 2001 and Bridgepoint acquired a minority stake in 2004 when one of its shareholders wished to realise its investment to fund other requirements.
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Bridgepoint was attracted by CESA's impressive growth rates since its inception, its growth potential and the opportunity to participate in its transformation into a leading renewable energy producer and developer in Europe and beyond. In 2005, it acquired a competitor, Terranova, in order to add a further 135 MW of capacity.
CESA was sold to Spanish construction and energy group Acciona in 2006 in a transaction totalling €1.47bn, with Bridgepoint achieving a 2.9x money multiple.