Capital Dynamics, an independent private asset management firm, recently acquired a 100% stake in six solar photovoltaic (PV) assets in Spain. These acquisitions, spread over two portfolios, total a capacity of 317 MWp. This initiative is part of Capital Dynamics’ strategy to strengthen its presence in the Spanish solar energy market. The first portfolio comprises three solar assets in Andalusia, totaling 157 MWp, currently under construction and scheduled for commissioning in late 2024. The second portfolio, also comprising three solar projects, is located in Aragon and represents 160 MWp. These assets have obtained all the necessary approvals and should be operational by the second half of 2025.
Power Sales Agreements
All acquired assets have Pay-as-Produced (PaP) energy sales agreements with an S&P 500 company, which secures revenues and reduces risks. “These acquisitions represent a significant addition to our portfolio from our exclusive pipeline in Spain,” says Dario Bertagna, Co-Head of Capital Dynamics Clean Energy. “Spain remains a key market for our investment strategy.”
Impact on the Spanish market
Spain continues to present attractive opportunities for investors due to its robust PPP market and growing government support. The ability of these projects to deliver reliable energy and generate stable revenues is reinforced by secure sales agreements with an S&P 500 company. Since 2013, Capital Dynamics has been investing directly in clean energy in Europe, currently holding nearly 2 GW of assets without subsidy. Their Clean Energy platform specializes in equity investments in renewable energy projects.
Advisors and Technical Partnerships
For these acquisitions, Baker McKenzie acted as legal advisor, while Everoze and Enertis provided technical advice. These collaborations strengthen Capital Dynamics’ position in the European solar energy market, supported by sector expertise and an extensive industrial network. Capital Dynamics’ acquisition of these solar portfolios in Spain, coupled with secure power sales agreements, underlines their ambitious investment strategy in renewable energies. Capitalizing on the growing stability of the Spanish APP market and increased government support, Capital Dynamics looks forward to a crucial year for value creation and contribution to cleaner energy.
