European Parliament backs increasing renewable mix target to 42.5% by 2030 from 30% previously

Banco Sabadell: European lawmakers have voted to increase Europe’s renewable energy mix target for 2030 to 42.5% from 30%. The agreement was reached after concessions were made to France and some European countries over nuclear power. The law incorporates that national authorities should only allow up to two years to approve renewable projects, considering them to be in the public interest and simplifying administrative procedures. Assessment: Although the news is…


Anti-takeover shield to include renewables companies, which cannot be taken over if investor has over 5% market share

Banco Sabadell| Among the modifications made by the Government (and announced yesterday) to the law known as the “anti-takeover shield” is the inclusion of energy companies (including renewable generation companies) as strategic companies so that any foreign investor that exceeds 5% market share in a specific technology will have to request authorisation from the Government. Assessment: It is possible that the modification made by the Government may have a certain…

Iberdrola Guggenheim

Iberdrola reaches co-investment agreement with NBIM Iberian Reinfra for joint renewable assets portfolio in Spain and Portugal

Norbolsa| Iberdrola (IBE) announced a co-investment agreement with NBIM Iberian Reinfra (part of Norges Bank) for the joint development of a portfolio of renewable assets in Spain and Portugal. Iberdrola plans to sell 49% of another 500 MW for €250 million, bringing the joint portfolio of both firms to 1,800 MW, valued at around €1,800 million.


Repsol to develop 1.7 GW of renewables in Italy with an estimated investment of €500 million

Renta 4 | Repsol to develop 1.7 GW of renewable energy projects in Italy. The project will have 943 MW of generation using wind technology and 825 MW of solar. The total cost is estimated at €500 million. Assessment: Positive impact. Repsol will develop 1.7 Gw of renewable energy in Italy with an estimated investment of €500 million. The portfolio is expected to be operational in 2025. Repsol is thus…


OHLA to modernise Brno North thermal power plant in Czechia for around €100 million

Link Securities | The construction company OHLA has been awarded a contract in the Czech Republic valued at around €100 million to modernise the Brno North thermal power plant, one of the largest renewable energy projects announced this year in the country, Europa Press reported yesterday. The scope of the contract, awarded by the state-owned company Teplárny Brno, consists of modernising part of the plant for the combined production of…


Carlos Delclaux: “Europe has busied itself with giving lessons… but it has grown very fat with contentment”

Fernando Rodriguez: Interview with Carlos Delclaux, president of Vidrala and Vocento board member. “The EU has busied itself lecturing the whole world on renewable energies. But a project of this magnitude should have guaranteed supply, and an orderly transition process to ensure that along the way you don’t run out of industry or that citizens don’t suffer ‘energy poverty’… But Europe has grown too fat with contentment. And we are…


Repsol continues to accelerate growth of self-consumption business through Solmatch

Renta 4| Repsol (REP), through Solmatch, has more than 350 installations in Spain. Solmatch is a sustainable energy service focused on distributed or decentralised generation in Spain that was launched by the company in 2020. Repsol has agreements to develop solar communities (collective self-consumption). One of these agreements is with the Lasalle Schools, where the entities have committed to developing a total of 29 self-consumption parks in different schools located…


Iberdrola sells Norges 49% of €1,225-million renewable assets portfolio

Iberdrola has signed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain – 20% wind and 80% photovoltaic. This renewable portfolio will have the capacity to power more than 700,000 homes each year. The valuation of 100% of this portfolio of assets amounts to approximately €1,225 million. Iberdrola will control and manage…


Repsol buys 7.700 MW renewables portfolio from Asterion Energies for €560-580 M

Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments. Analyst team’s view: Positive news because: (i) it expands its position in renewables. We…


The government auctions more renewable energy today: 1,500 MW of wind and 1,800 MW of photovoltaic power

This is the fourth auction of renewable power for electricity generation since the first one in January 2021. The firms that are finally awarded the wind and photovoltaic packages will be granted a fixed price at which they will charge for the energy over the next few years. Due to high electricity prices, the tender may be less in demand than on previous occasions. Participating firms will have to assess…