High-profile bidders after EUR-1bn renewables portfolio in Spain - report

Oil-and-gas multinational Shell Plc (LON:SHEL) and utilities Naturgy Energy Group SA (BME:NTGY) and Verbund AG (VIE:VER) have lined up to acquire some EUR 1 billion (USD 1.09bn) worth of renewable energy assets in Spain from Spanish investment platform Q-Energy, Reuters reported citing three sources in the know.

The aspiring buyers are preparing to submit binding bids for a portfolio containing mainly solar projects, including 75 MW of solar capacity operating under an old subsidy regime and around 3.6 GW of projects in development, according to Reuters’ sources.

The assets are concentrated around central and southern Spain. The acquisition may also include a team of some 25 people to develop the projects, the report states.

The bidders are due to present binding offers by the end of April, the sources told the news agency.

The involved parties either declined to comment or did not immediately respond to Reuters’ request for comment.

About a month ago, Q-Energy itself announced it was evaluating a EUR-1-billion transaction that would involve taking in a partner in its gigawatt-size portfolio in Spain. At the time, the potential deal was to include a set of 80-MW solar PV assets and a 4.5-GW portfolio of PV and wind power projects under development in various parts of the country.

Such sale is meant to be part of Q-Energy’s 2022-2025 strategic plan to invest in a broader range of renewable energy technologies and expand its presence to other markets in Europe, the US and Latin America, the firm then said.

(EUR 1.0 = USD 1.09)

Choose your newsletter by Renewables Now. Join for free!