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    Spain's floating offshore wind attracts another multinational company


    September 28, 2022 - CE Noticias Financieras

     

      Corio has just announced that it has signed a partnership agreement with Q-Energy and that preliminary work has begun to identify suitable locations for the development of floating offshore wind projects off the Spanish coast. Q-Energy is a provider of solutions for renewable energy projects (solar and wind) that employs more than 400 people in its offices in Madrid, London, Berlin and Milan. According to its corporate profile, it has managed more than 11 billion euros worth of renewable energy investments worldwide since 2007. Currently, Q-Energy manages more than 1,600 megawatts of energy, including more than 1,000 (one gigawatt, 1 GW) of solar photovoltaic power, 243 megawatts (MW) of solar thermal power and 350 MW of wind power in Spain, Germany, Poland, and Italy. In addition, the firm also reports more than 4,000 MW of assets under development in various stages of completion.

      According to Corio Generation's global development director and deputy CEO Alejandro de Hoz (who was CEO of Avangrid Renewables, Iberdrola's U.S. renewables subsidiary until November of last year), "there is no better option to help unlock Spain's offshore wind potential" than combining the industrial capabilities and long-term capital provided by Corio with Q-Energy's "enormous" renewables expertise and local market knowledge.

      De Hoz also stresses that the deep waters off the Spanish coast are "ideal" for the latest innovations in floating platforms. "There is now a great opportunity for Spain to become a European hub and an international benchmark in the delivery of offshore wind energy, with all the benefits - he added - that it offers in terms of creating a value chain and generating green jobs and economic development."

      Iñigo Olaguibel, CEO of Q-Energy: "against the backdrop of the Spanish government's clear commitment to boosting floating offshore wind, we believe that now is the perfect time to explore opportunities off the entire Spanish coast, bringing together the complementary experience and expertise of Corio and Q-Energy."

      Spain aims to develop between 1 and 3 GW of floating offshore wind energy by 2030, according to the Roadmap for the Development of Offshore Wind and Offshore Energies in Spain, a document approved by the Government last December. The Executive also plans to hold the first auction for this technology at the beginning of next year.

      In this context, the major energy groups - renewables and oil companies - have embarked on the race for the development of floating wind power in Spain.

      Thus, energy companies such as Iberdrola and EDPR already have projects designed to develop wind farms using this technology in Spanish waters, while Naturgy, with Equinor, and Repsol, with Orsted, have alliances with international giants to become a major player in the business. Groups such as Sener, Capital Energy or Greenalia, among others, are also in the race.

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