VERBUND and Capital Energy announce renewable transaction in Wind and Solarpower in Spain
Madrid, Vienna, on Wednesday 09th of March 2022
- The leading Austrian energy company VERBUND AG concludes its second investment in Spain by acquiring a 70 % stake in four wind farms and one photovoltaic plant with a total capacity of 171 MW from Capital Energy.
- Capital Energy Power Vortice S.L.U. ("CE"), a 100 % subsidiary of Capital Energy, a Spanish energy company founded two decades ago and seeking to become the first 100% vertically integrated renewable energy operator in the Iberian peninsula, frames this operation within its asset turnover policy.
VERBUND AG and Capital Energy Power Vortice S.L.U. jointly announce the acquisition of 70 % of four wind farms and one photovoltaic plant developed by Capital Energy in Spain by VERBUND. The four wind and one PV project companies, respectively, will have a total capacity of 171 MW and will consist of four projects in the south and one more in the north of Spain. These projects are currently under construction and will be commissioned gradually between Q2 2022 and Q1 2023. In addition, 3 PV hybridization projects in the south of Spain totalling 80 MW are under development. The parties have agreed not to disclose the purchase price or further details of the transaction.
The seller of the shares is Capital Energy Power Vortice S.L.U. ("CE"), a 100% subsidiary of Capital Energy. Capital Energy is one of the largest Spanish project developers in the renewables sector. The company was founded in 2002 and has many years of experience in the development, construction and operation of wind and PV plants. Capital Energy seeks to become the first 100% vertically integrated renewable energy operator on the Iberian peninsula.
With this agreement – the first one concluded between both companies – the principal Austrian utility will take over the management of the companies and integrate this portfolio in its renewable energy business unit. In this cooperation, Capital Energy will be in charge in a first stage to bring these renewable energy facilities on line and manage the clean energy produced, incl. operation and maintenance.
Together, these five plants will be capable of supplying nearly 400,000 Megawatt hours (MWh) of clean energy per year, equivalent to the consumption of nearly 150.000 Spanish households[1].
Juan José Sánchez, CEO of Capital Energy, has assured that “this operation, concluded with a benchmark European electric company that, like us, is focused on promoting the energy transition, is framed within our asset turnover policy, and it is going to allow us to continue developing – with financial independence – our ambitious 100% renewable energy project”.
VERBUND AG is Austria’s leading energy company and one of Europe’s largest generators of electricity from hydropower. The company generates around 97 percent of its electricity from renewables, primarily hydropower. “The VERBUND Strategy 2030 envisages significant growth in the area of renewable energies with the goal of achieving around 20-25% of total production from photovoltaics and onshore wind by 2030. This transaction on the Spanish market represents another important step on the way to the future of renewable energy,” says VERBUND CEO Michael Strugl.
About VERBUND
VERBUND AG is Austria’s leading energy company and one of Europe’s largest generators of electricity from hydropower. The company generates around 95 percent of its electricity from renewables, primarily hydropower. VERBUND trades in electricity in 12 countries and achieved an annual turnover of approximately 3.2 billion euros in 2020 with around 2,900 employees. With its subsidiaries and partners, VERBUND is active in the segments of electricity generation, transport and international trade and distribution. VERBUND has been listed on the Vienna Stock Exchange since 1988, with 51% of the share capital held by the Republic of Austria.
VERBUND is one of the most environmentally friendly energy companies in Europe, contributes significantly to supply security and is particularly committed to climate and environmental protection, careful use of resources and social responsibility. Sustainability is an essential part of the corporate strategy. VERBUND is working intensively on the expansion of renewable energy sources and is thus making a significant contribution to a low-carbon energy future. VERBUND is a signatory to the UN Global Compact and supports the United Nations 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs).
About Capital Energy
In line with its commitment to the Green and Fair Energy Transition, Capital Energy currently has a portfolio of wind and solar energy projects on the Iberian Peninsula amounting to approximately 34 gigawatts (GW) of power, for which over 8 GW already have grid access licences granted.
Capital Energy reached its strategic objective of being present throughout the entire renewable energy generation value chain: from promotion, where the company has a consolidated position thanks to its nearly 20-year history, to construction, production, storage, operation and supply. The enterprise has 16 offices in Spain and Portugal where 390 employees work.
[1] Source: own estimates from the electricity production of renewable energy farms, electricity consumption data from the Bulletin of Indicators of the CNMCand information from economic relations of the INE.