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    Austria's largest power utility pays 1 billion for a portfolio of solar and wind projects in Spain

    May 9, 2022 - CE Noticias Financieras


      Verbund is redoubling its commitment to renewable energies in Spain. Austria's largest electricity company, and one of the continent's largest hydroelectric generators, 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 of close to 1 billion euros.

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

      Although its presence in Spain is recent, this Monday's deal is not the first operation of the Central European company in the Iberian market. Less than four months after its arrival - 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 under development and one solar farm with a total installed capacity of 171 MW that belonged to Capital Energy. The step taken now, however, is much bigger and involves more than multiplying its stake in the Peninsula.

      Verbund's roadmap for 2030 is to grow "significantly in the area of solar and wind", with the goal of 20% to 25% of the total electricity it generates coming from both renewable sources. "This transaction is another important step towards that goal, and allows us to take a leading position in the Spanish energy market," the company said in the statement in which it made the transaction public.


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