Verbund: The largest Austrian electricity company pays 1,000 million for a portfolio of solar and wind projects in Spain | Economy

Verbund redoubles its commitment to renewable energies in Spain. The largest electricity company in Austria, and one of the largest hydroelectric generators on the continent, announced on Monday the purchase of a powerful portfolio of 4.5 gigawatts (GW) in solar photovoltaic and wind projects that belonged to the Q-Energy fund. Market sources point to a price close to 1,000 million euros.

Almost half of the projects acquired by Verbund (2.1 GW) are in an advanced stage of construction and the rest (2.4 GW) are in an early stage of the process. Most of them are located in the southern part of the country, with Castilla-La Mancha and Andalusia at the top.

Although its presence in Spain is recent, this Monday is not the first operation of the Central European company in the Iberian market. Less than four months after landing —at the end of November last year, with the purchase of a 148 megawatt (MW) project in the province of Granada—, the Austrian giant acquired 70% of four wind farms in development and one for solar with a total installed capacity of 171 MW that belonged to Capital Energy. The step taken now, however, is much greater and means more than multiplying its stake in the Peninsula.

Verbund’s roadmap to 2030 is to grow “significantly in the area of ​​solar and wind”, with the goal that 20% or 25% of the total electricity it generates comes from both renewable sources. “This transaction is another important step towards that goal, and allows us to take a leadership position in the Spanish energy market,” settles the company in the statement in which it has made the operation public.