Q-Energy, a Spanish renewable investor, has acquired 16 wind parks in Germany from MEAG. The portfolio consists of 56 turbines in the northern part of Germany with an installed capacity of 109 MW. On average, the turbines have been in use for 11 years Q-Energy will repower and operate the wind farms going forward.
The investment was made through Q-Energy IV, the company’s fourth fund, which just completed a EUR 1.1 billion final closure. The investment strategy of Q-Energy IV is a continuation of the strategy that has proven successful in prior funds, but this time with a broader geographic scope. Q-Energy IV focuses on building new renewable energy facilities, repowering and modernising assets that have reached the end of their useful lives, and ensuring the operational and financial optimization of big plants in European Union nations. In addition, the Fund makes investments in energy storage, grid network management, hydrogen generation, and biofuels, all of which are relevant to the energy transition. While, MEAG manages the assets of the Munich Re and ERGO, both part of German insurance company Munich Re group.
In 2020, Spain set a target to achieve 70 per cent of its total power from renewables by 2030 as part of the Law on Climate Change and Energy Transition. This would mean the country would have to deploy an estimated 35 to 40 GW of additional renewables capacity by 2030. The Spanish government is expected to auction roughly 16.5 GW of solar and onshore wind capacity over the next five years to achieve this goal.
