Verbund, an electric utility, acquired a 4.6 GW portfolio of renewable projects in Spain from Q-Energy Group.

The portfolio comprises an 82 MW operational solar portfolio in Spain.

The acquisition also includes 2,100 MW of wind and solar projects portfolio at an advanced stage of project development, while around 2,400 MW are greenfield projects.

The projects are located in the Castilla-La Macha region in Central Spain and Andalusia, Southern Spain.

Q-Energy Group’s Q-Energy Private Equity, a fund manager for investment in renewable energy, manages these projects through its various funds.

As a part of the company’s 2030 strategy, it targets to produce around 20–25% of total electricity generated from solar and wind projects by 2030.

According to Mercom Research, in December 2021, Verbund acquired the 147.6 MW Illora solar PV project in southern Spain from BayWa r.e., a developer, service provider, PV wholesale distributor, and renewable energy solutions provider. The project design comprises three PV system sections located near Granada in Pinos Puente.

Recently, MET Group, an integrated European energy company, acquired a 100% stake in the 50 MW Puerto Real 3 solar project at ready-to-build status in Spain. The project is in the Andalucia region of Spain and is expected to reach commercial operations in 2023. The company plans for a 500 MW portfolio to operate by 2023 and an additional 500 MW by 2026.

According to Mercom’s Q1 2022 solar funding and M&A report, 23 GW of large-scale solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Project developers and independent power producers were the most active acquirers in Q1 2022, with over 17 GW of projects being acquired, followed by investment firms and funds, which acquired 3.6 GW.