Spain represents a country with vast potential to develop renewable energies due to the natural climate the country possesses. The Spanish Government aims to exploit this natural potential by setting a goal of 160GW of total installed capacity by 2030 and achieving 74% of renewable electricity generation by 2030 and 100% by 2050. The Spanish government has introduced schemes in order to boost renewable energy development however, some of these have had varying degrees of success. Alongside these schemes, Spain also relies on significant investments from independent power producers (IPPs) to achieve their ambitious goals. In this article, five large Spanish IPPs will be introduced, all of the IPPs included in this piece of research can be found on our list of large European IPPs.
ABEI ENERGY – solar, wind, and hydrogen IPP based in Madrid
The Madrid-based group are responsible for overseeing the development of green energy from start to finish, aiming to optimize every step. Currently, the group is active in Europe, the UK, and America. ABEI Energy can offer 15 years of experience developing clean energy with over 7GW of projects at the latter development stage. Its portfolio mainly consists of solar projects, which account for 90% of its total capacity. The Madrid-based firm has projects located in the US, the UK, France, Italy, and Poland. ABEI strives to integrate new developing technologies in order to strengthen its position in the European renewables market.
Iberdrola – wind, solar, hydrogen, and hydro IPP based in Bilbao
With over 170 years of history in the energy sector, the firm has established a position as a recognized provider of global energy. Iberdrola has transitioned to targeting clean energy in the last 20 years in order to combat rising energy costs and climate change. The firm set the objective of acquiring a 52GW green energy capacity by 2025. Iberdrola has made significant investments across different asset divisions, such as wind, solar, hydro, and more recently, hydrogen. As of 2022, the firm has an installed capacity of 40GW with a record investment of €10.7bn recorded in 2022 which yielded a 5% increase in its renewable capacity. In May 2023, Iberdrola announced a partnership with Norges Bank to invest approximately €1.2bn which results in 1.2GW of renewable energy assets. The portfolio is comprised of 20% wind and 80% solar and all the projects included will be managed by the Spanish energy giant.
Enerside Energy – solar IPP based in Barcelona
Founded in 2007, the firm specialises in all aspects of green energy development and also has an asset-owned strategy as an IPP which aims to have a target ownership of 1GW by the year 2025. Since its inception, Enerside has developed 5.5GW of solar projects located in Europe and Latin America. The firm has grown from strength to strength in recent years, establishing offices in 7 countries with over 200 employees. In May 2023, Enerside issued its first green energy bond for up to €5m with French investment platform, Enerflip. Enerflip is a leading green energy crowdfunding leader and has worked alongside fellow renewable energy giants such as Engie, TotalEnergies, and Baywa raising over €330m.
Opdenergy – solar, wind, and storage IPP based in Madrid
The Spanish group operates in the key areas of renewable energy development including operating, financing, and constructing. In 2022, the firm announced plans to launch Opdenergy as a publicly traded company which were valued at €500m. Opdenergy opted to launch its IPO in order to widen its market share and become a geographically diverse IPP. In addition to this, the group aims to achieve an installed capacity of 3.3GW by the year 2025 from assets in operation and under development. The Spanish group is hoping to trade on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges.
Ignis Energia – solar IPP based in Madrid
Ignis Energia has cemented its position as a leading Spanish producer of renewable energy by developing a vast portfolio of solar projects. To date, the firm is responsible for developing a portfolio with an installed capacity of over 20GW thanks to projects located in Europe, the USA, Latin America, and Asia. Of this total, 4.5GW of the installed capacity consists of projects located in Spain placing the firm as the largest independent energy manager in the country. With a workforce of over 500 staff, the group strives towards offering customized and innovative energy solutions to its clients. In June 2022, Ignis received a €22m investment from Vortex Energy, a green energy investment vehicle managed by EFG Hermes. The investment was set towards increasing Ignis installed capacity outside of Spain.
Image Source: Manny Becerra via Unsplash (28.06.23)