Austrian electricity provider Verbund has announced the acquisition of a renewable energy portfolio in Spain from various funds of the Q-Energy Group for an undisclosed sum.

Q-Energy Private Equity, a fund manager for renewable energy investments, will manage the vendor funds.

The portfolio includes regulated and operational solar farms with a total installed capacity of 82MWp, as well as a development platform comprising wind and solar projects, together with its development team.

Around 2.1GW of the platform is currently in the advanced development stage, while greenfield projects account for around 2.4GW.

The development team will also support Verbund’s ongoing development activities in Spain.

Verbund said that the projects are in various locations across the country, including the Castilla–La Mancha and Andalucia regions.

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By GlobalData

The company entered the Spanish market in November last year through the lllora project.

In March this year, Verbund acquired a 70% stake in one solar energy company and four wind power companies in Spain from Capital Energy Power Vortice.

Through the transaction, the company aimed to strengthen its presence in the Spanish energy market. 

Under its 2030 strategy plan, Verbund has set a target to increase its renewable energy production capacity by 20% to 25% from solar power systems and onshore wind farms by 2030.

Last month, Shell reportedly prepared binding bids to acquire solar energy assets worth $1.1bn from Q-Energy. Naturgy and Verbund also prepared offers for the portfolio.

The solar projects are located in the Guadalajara region in central Spain and the southern coastal region of Andalucia.

The portfolio also includes projects that are currently in development and will have the capacity to generate around 3.6GW of clean energy once operational.

Q-Energy is selling the solar assets to capitalise on increasing demand from European energy companies, which aim to meet the goals set by various countries to address the climate crisis.