A report published by the International Energy Agency (IEA) outlined the considerable progress Spain achieved in their goal to reach net-zero emissions by 2050.
The report highlights the progress Spain has made on their mission to increase electricity production following the IEA’s initial report in 2015 which demonstrated the problems the country has as their electricity and gas tariffs were not covering import costs.
Despite financial limitations experienced between 2013-2018, there was a considerable increase in renewables growth from 33% in 2010 to 44% in 2020. The report outlined the need for Spain to frontload renewable energy investments over the new few years.
In 2022, the region of Catalonia announced their plans to achieve climate neutrality by 2050 and 12GW by 2030, with 7GW coming from solar. The vast solar potential Spain possesses with clear, ambitious goals to develop solar energy makes the country an attractive prospect for solar investors.
Therefore, it is of no surprise to see leading European solar investors gain their foothold in the Spanish solar market.
1) Macquarie Asset Management / Green Investment Group (United Kingdom)
The Green Investment Group was launched in 2012 by the UK Government and the Macquarie Capital team acquired the group to diversify their renewables portfolio.
In 2021, Macquarie Asset Management announced their €90m investment in Spanish solar projects. The investment will be used to acquire a 120MW portfolio which will consist of two 50MW Valle solar parks and a 20MW Gemasolar project. The solar parks are located in the Andalusia region and will provide enough electricity to supply 84,000 households. The projects were developed by Q-Energy, who have developed numerous renewable projects across Spain and Germany.
The UK-based investment group have been long-term supporters of Spanish solar projects, with investments dating back to 2018, and have provided financing to developers such as Grupo T-Solar, Eliantus, and Sonnedix.
2) Greencoat Renewables (Ireland)
Founded in 2018, the Irish renewables investment group have supported European wind and solar projects, amassing a total installed capacity of over 500MW.
In December 2021, Greencoat Renewables marked the milestone of acquiring their first solar projects and their entry into the Spanish market with the purchase of a 50MW PV project in La Muela. The Torrubia solar park was acquired from British energy developer Lightsource BP and will become fully operational by Q4 of 2022. The project is part of Greencoat’s European expansion with the acquisition of projects in France, Finland, and Sweden.
In April 2022, the Irish group further strengthen their position in the Spanish renewables market with the acquisition of a 21MW wind farm located in the Castilla and Leon region of northwestern Spain.
3) Aquila Capital (Germany)
The Hamburg-based investment group are amongst the leading European investors in green energy projects Aquila Capital were founded in 2001 and are considered one of the first investors in wind, solar and hydro projects. To date, the German group have developed a portfolio of over 13GW of solar, hydro and wind assets with 60 of these projects located in Spain.
In February 2022, Aquila announced the purchase of a 100MW Spanish solar PV project from Mytilineos. The Jaen and Gullena solar parks are located in Andalusia, once fully operational the parks will produce 200GW of clean energy per year.
The Aquila European Renewables Income Fund (AERIF) managed by Aquila Capital was launched to cement their position in the European solar and wind market. In June 2022, AERIF announced the purchase of the 30MW Tiza solar farm which is located in the Almeria region in the south of Spain.
Image Source Unsplash 19.7.22
