solar funding report

Q Energy, a solar, wind, and storage project developer, sold a 76 MW solar project portfolio in Spain. The portfolio consists of two solar projects, around 38 MW each, in the Spanish province of Ciudad Real. The projects are ready to build and are expected to be connected to the grid by 2024.

Q ENERGY will install more than 138,00 high-performance solar modules on trackers to maximize the system’s energy yields. Solar power plants are projected to produce enough emission-free electricity to satisfy the average demand of nearly 12,000 households in Spain and prevent over 34,000 tons of carbon emissions per year.

Jaehan Lee, Head of Green Energy Solutions Division, said: “We are experiencing a high demand for high-quality PV projects and for cooperation with experienced developers who can also take over the construction and subsequent operation and maintenance of the systems. As Q ENERGY, we have the right offers and expertise to do this. The negotiations for the current sale were completed after only three months. We are also considering the transaction of further selected projects. However, our focus remains on the successful development of our existing projects and the simultaneous expansion of our pipeline in the country.”

Mauro di Fiore, Head of Construction, added: “Q ENERGY will utilize as many local suppliers as possible when constructing the solar power plants. The first work on the sites has started recently. Based on our long EPC experience under the umbrella of our former and current sister company Qcells, we are confident that we will be able to commission the facilities in 2024.”

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022. In a recent transaction, Ib vogt, a renewable energy project developer, agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The Garnacha solar power project is located in the province of Zamora in Spain and is currently in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023, after which ib vogt will provide full O&M services. The transaction for the 100 % stake of Garnacha Solar SL is expected to close by the third quarter of 2023 and represents an enterprise value of 170 million euros (~$188 million).