British Solar Renewables Secures Funding for 124 MW Solar and Storage Projects

Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, signed an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy.

The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.

The project consists of one “ready-to-build” solar project and is expected to begin construction by mid-2024 with the expected date of commissioning by early 2026.

“The development of these projects highlights the importance of public and private collaboration in order to guarantee the required investments to foster the energy transition. Q-Impact and Qualitas Energy have been working in these projects since 2019, developing them with the utmost respect for social and environmental factors. The scale of these projects will kickstart a real energy transition in Menorca, significantly limiting the current emissions and pollution of the Mahon thermal plant” said Pablo Valencia, Managing Partner, Q-Impact.

The annual production is expected to be about 20% of the annual electricity demand of the island of Menorca. The PV projects with 60 MW installed capacity when completed are likely to be the largest solar project in the Balearic Islands.

Mirova was advised by Astris as a financial adviser; CMS-ASL and Linklaters LLP as legal advisors; Vector Renewables and Everoze as technical advisors; and WTW as Insurance adviser. Qualitas Energy was supported by PwC as a financial adviser; Gomez-Acebo & Pombo as legal adviser; g-advisory as technical advisor.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, announced the sale of the Deer Creek Renewable Energy project, a solar and storage project located in Tulare County, California. The project was sold to a Fortune 500 energy company. The project consists of a generating capacity of up to 50 MW of solar and 50 MW of energy storage capacity.