Top Stories
Verbund buys portfolio of Spanish renewable assets
Global Banking & Finance Review®
Company
MADRID (Reuters) – Austrian hydropower utility Verbund said on Monday it had acquired a portfolio of renewable energy assets in Spain from local private equity fund Q-Energy for an undisclosed sum.
MADRID (Reuters) – Austrian hydropower utility Verbund said on Monday it had acquired a portfolio of renewable energy assets in Spain from local private equity fund Q-Energy for an undisclosed sum.
The assets include operating photovoltaic power plants with a combined capacity of 82 megawatts (MW) and projects planned to have an eventual capacity of up to 4,000 MW, the company said. All are located in Castille La Mancha in central Spain and sunny Andalusia in the south.
The deal is part of Verbund’s plan to produce 20-25% of its electricity from photovoltaic sources and offshore wind farms.
Three sources close to the matter said the portfolio was valued at 1 billion euros ($1.1 billion).
Energy companies’ appetite for renewable assets is increasing amid pressure from investors and governments to tackle climate change.
Competition for assets is intensifying as ambitious green targets have pitched oil and gas companies against traditional utilities in the race for renewable power generation.
Oil major Shell and Spanish utility Naturgy were considering bids for the Q-Energy assets, the sources said last month.
($1 = 0.9490 euros)
(Reporting by Christina Thykjaer and Andres Gonzalez; Editing by Inti Landauro and Mark Potter)
Renewable energy is energy generated from natural resources that are replenished constantly, such as sunlight, wind, rain, tides, waves, and geothermal heat.
Hydropower is a form of renewable energy that uses the flow of water to generate electricity, typically through dams or water turbines.
Photovoltaic power plants convert sunlight directly into electricity using solar panels, making them a key component of renewable energy generation.
A private equity fund is an investment vehicle that raises capital from investors to invest in private companies or buyouts, aiming for high returns.
Investment portfolios are collections of financial assets like stocks, bonds, and real estate, designed to achieve specific financial goals while managing risk.
Explore more articles in the Top Stories category
