Verbund, an Austrian electricity provider, has announced the purchase of a renewable energy portfolio in Spain from various funds of the Q-Energy Group for an undisclosed sum. The vendor funds will be managed by Q-Energy Private Equity, a green energy investment fund manager. The portfolio includes 82 MWp of regulated and operational solar farms, as well as a development platform with wind and solar projects and a development team.
Currently, around 2.1 GW of the platform is in advanced development, with greenfield projects accounting for nearly 2.4 GW. Verbund’s ongoing development initiatives in Spain will also be supported by the development team. Verbund states that the projects are spread across the country, especially in Castilla–La Mancha and Andalusia. The company entered the Spanish market through the lllora project in November 2021.
In April 2022, Shell, a British oil and gas company, was preparing binding bids to acquire Q-Energy’s energy assets in Spain, which are worth €1 billion in total. Reportedly, in addition to Shell, Naturgy and Austrian electricity provider Verbund are also preparing offers for the portfolio. Q-Energy is also selling solar assets to take advantage of rising demand from European energy companies seeking to meet various government’s climate change goals. The assets for sale are solar projects in a variety of locations, including central Spain’s Guadalajara region and Andalucia’s southern coastline region.