Austrian Verbund Buys Photovoltaic Assets In Spain From Q Energy For €1 billion

photovoltaic energy in Spain

The Austrian utility has been the winner of the large bid organised by the Spanish renewable energy fund Q Energy. The firm has acquired a platform with 82 MW in operation and more than 4 GW under development, valued at over 1 billion euros, in one of the most important renewable energy deals of the year in Spain. The assets are located mainly in Castilla La Mancha and Andalusia. Of the more than 4,000 MW under development, the buyer estimates that 2,100 MW are at an advanced stage of development, while the other 2,400 MW are still greenfield. The Austrian bid beat Shell’s offer. This was after Naturgy withdrew from the process at the last moment.

The Austrian electricity company has made a strong commitment to renewable energies, aiming to reach 20-25% of electricity production from photovoltaics by 2030. Verbund entered the Spanish market in November 2021 and a month ago it already bought 70% of a solar project and four wind projects from Capital Energy.

As the newspaper 5 Días explains today, Q-Energy became known in the Spanish market for launching Fotowatio, which it ended up selling to the Arab group Abdul Latif, when it had 2,600 MW under development in photovoltaic and more than 300 MW in solar thermal (260 MW already operational). The second vehicle – with 240 MW of photovoltaic in operation – ended up in the hands of Vela Energy, a JP Morgan renewables manager. And the third ended up in the hands of the Canadian fund CDPQ.

Q Energy is currently in the process of raising funds to establish its fifth fund. This vehicle will have a size of 2 billion euros, which will make it the largest European renewable investment fund. In February the firm presented its new strategic plan, until 2025, in which it will invest 9 billion euros in renewable generation, storage and energy distribution projects.

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