CDPQ pushes Velto to raise its renewable portfolio to 1 GW by 2025

Velto Renovables, the subsidiary of the Canadian pension fund CDPQ, which manages renewable energies at the international level, expects to surpass the gigawatt (GW) mark at the European level by 2025. Thus, the company, which has a portfolio of 216 megawatts (MW) in operation spread over 76 solar photovoltaic projects distributed throughout Spain, aims to multiply its portfolio by five - adding 784 MW of new capacity.

"We must be able to overcome it. We have a very open mind, it can be done organically, with alliances, so that we get Velto to be the possibility of creating synergies with other players in Spain and in Europe. Sometimes there are local developers who need a partner and it is a perspective that interests us a lot."

The company established its operations hub in Madrid two years ago. Since then, it has invested more than 1 billion euros. In addition, its ebitda now stands at around 100 million. "That a large fund such as CDPQ has decided to open the headquarters of its European subsidiary in Madrid is very significant, as it will grow from here," Lucas de Haro, CEO of the renewable subsidiary, told this newspaper.

CDPQ also plans to create a 'green' transition package of more than 7 billion euros with the aim of decarbonizing the sectors in which it is present and completing its divestment of oil-related assets. A significant part of this amount is expected to go to the renewable subsidiary.

With a view to its expansion, the renewables company makes it clear that it is not necessarily looking to go for large transactions but prefers in the vast majority of cases to "bundle more permeable solutions that favor more local communities and work with partners that are generally not big names".

The firm is present in more than 20 provinces and 9 autonomous communities and has created more than 40 direct and indirect jobs. "We have a very diversified portfolio that allows us a lot of capillarity in Spain," added de Haro.

In February 2022, Velto Renovables signed an agreement with Boreas to provide support for CDPQ's 25% investment in London Array (UK). The project, commissioned in 2013, has a total installed capacity of 630 MW and has 175 wind turbines that are fixed to the seabed with monopile foundations.

Agrovoltaics

Within Velto Renovables' activities, the concept of agrovoltaics in the solar plants it owns also stands out. "We have an agreement with a local producer who has greenhouses under our plants that produce more than 150 tons of grapes. And then different projects in Spain, such as agreements with cooperatives and livestock companies that graze in our plants, around 2,000 head of cattle per month," concluded Velto's CEO.