The Austrian electricity company Verbund bets on Spain with the purchase of 4.5 GW from Q Energy for 1,000 million | companies
Verbund is reinforced in Spain. The leading Austrian electricity company has emerged as the winner of the latest big bid organized by the Spanish renewable fund Q Energy. The firm acquires a platform with 82 MW in operation and more than 4 GW in development, valued at more than 1,000 million, in one of the operations of the year in renewables in Spain.
as published Five days, the Central European company’s bid competed in the final phase alongside that of oil giant Shell. Since the Spanish bet, Naturgy, decided to withdraw from the process at the last moment despite having reached the final phase.
The company led by Íñigo Olaguibel as CEO began a sale process this year – led by the investment bank Santander, Cantor Fitzgerald and Lazard – to divest itself of a portfolio focused on solar energy. 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 thermosolar (260 MW already in operation). The second vehicle – with 240 MW of photovoltaic power 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.
The assets are located in the south of Spain, mainly in Castilla La Mancha and Andalusia. Of the more than 4,000 MW under development, the buyer judges that 2,100 MW are in an advanced stage of development, while the other 2,400 MW are still greenfield.
The operation is part of the Austrian electricity giant’s commitment to renewable energy, with the aim of reaching between 20% and 25% of electricity production from photovoltaics before 2030. Verbund is present in the Spanish market since November 2021. A little over a month ago, it already took a giant step with the purchase of 70% of a solar project and four wind farms from Capital Energy.
Q Energy, for its part, is currently in the process of raising funds to raise its fifth fund. This vehicle will have a size of 2,000 million euros, which will make it the largest European investment fund in renewables. In February, the firm presented its new strategic plan to be fulfilled before 2025, through which it will invest 9,000 million in renewable generation, storage and energy distribution projects.
