Austrian power producer Verbund AG has acquired 82 MWp of operating solar parks in Spain and a development platform filled with some 4,500 MW of renewable energy projects in the Iberian country.The portfolio is being sold by funds managed by Q-Energy Private Equity for approximately €1 billion.
The project platform consists of wind and solar photovoltaic (PV) projects of which 2,100 MW are in an advanced stage of development and the rest 2,400 MW are greenfield schemes. Most of the projects included in the bundle are located in the Castilla–La Mancha region of Central Spain and in Andalusia, in the southern part of the country.
Apart from the platform, Verbund has taken possession of the project development team.
The Vienna-based energy company entered the Spanish market in 2021 when it bought a 147.6-MWp solar project from renewable energy firm BayWa r.e. Earlier this year, it acquired 70% of a portfolio of five wind and solar projects totalling 171 MW from local project developer Capital Energy.
This operation is part of the company’s new Strategic Plan, which aims to accelerate the energy transition with investments of €9 billion in renewable energy generation, storage and distribution projects until 2025.
“At Q-Energy, we believe that investments in the present can help create a sustainable future for future generations, which is why our activity itself and the assets of our investments contribute to the future of society and the environment,” said the company in a statement.
Garrigues advised Verbund with a team formed by Corporate/Commercial partner Álvaro Valle and senior associate Luis Enrique Mata.
Linklaters advised Q-Energy with a Corporate team formed by partner Lara Hemzaoui, managing associate Elena Rodríguez and associate Lucia Herrero. The core team was supported by managing partner José Giménez managing associate Mario García on Public Law matters, Tax advice was provided by partners Javier García-Pita and Alejandro Meca, and associates José Alarcón and Lucía Montes. Counsel Moira Guitart and associate Leticia Ramos advised on Labour matters.