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    Austrian power company Verbund bets on Spain with the purchase of 4.5 GW from Q Energy for 1 billion euros


    May 9, 2022 - CE Noticias Financieras

     

      9 MAY 2022 - 12:20CEST

      Verbund strengthens its position in Spain. The leading Austrian power utility has emerged as the winner of the latest major bid organized by Spanish renewables fund Q Energy. The firm has acquired a platform with 82 MW in operation and more than 4 GW under development, valued at more than 1 billion, in one of the deals of the year in renewables in Spain.

      As CincoDías

      published, the Central European company's bid competed in the final phase with that of the oil giant Shell. The Spanish bid, 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 initiated this year a sale process - led by the investment bank Santander, Cantor Fitzgerald and Lazard - to divest a portfolio focused on solar energy. Q-Energy became known in the Spanish market for launching Fotowatio, which it eventually sold to the Arab group Abdul Latif, when it had 2,600 MW under development in photovoltaic and more than 300 MW in solar thermal (260 MW already operational). The second vehicle - with 240 MW of photovoltaic 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 southern Spain, mainly in Castilla La Mancha and Andalusia. Of the more than 4,000 MW under development, the buyer believes that 2,100 MW are at an advanced stage of development, while the other 2,400 MW are still greenfield.

      The transaction is part of the Austrian electricity giant's commitment to renewable energies, with the goal of achieving between 20% and 25% of electricity production from photovoltaics by 2030. Verbund has been 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 projects 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 billion euros, which will make it the largest European renewable investment fund. In February, the firm presented its new strategic plan to be fulfilled before 2025, through which it will invest 9 billion in renewable generation, storage and energy distribution projects.

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