The value of the 63 transactions recorded in Spain in the area of renewable assets amounted to 23.067 billion euros in 2019, up 14% from a year earlier, according to Mergermarket data analyzed by KPMG.
For the international services firm, this increase is due to the ‘boom’ in green energy in recent years, which has meant that the sector’s assets are “going through a sweet moment, whether they are in the operation or development phase and are breaking records in sales transactions.”
“Whatsmore, operations are happening “faster and faster,” closing in just about four months compared with nine months in the past. Meanwhile, the typology of investors is focused on platforms which specialise in energy or aggregators, classic infrastructure funds and oil and gas companies.
In this regard, French oil company Total has recently announced its entrance into Spain’s photovoltaic energy sector via an agreement with Powertis and Solarbay to jointly develop 2,000 megawatts (MW) until 2023. This move on the part of the French oil giant comes in the wake of those already made by Repsol, the UK’s BP and Portugal’s Galp.
However, KPMG flags that renewable assets are not only an “object of desire” for energy companies. In the past, pension funds, infrastructure funds or those exclusively focused on renewables also made a push to buy these assets.
Brookfield is a case in point. Amongst other transactions, it bought Saeta Yield and part of X-Elio respectively from ACS and KKR and the Riberas family.