Capital Energy is planning to sell 4.3 gigawatts of wind and solar power plants in Spain, which could be valued at up to $1 billion, according to a report from Reuters.
The Madrid-based renewable energy investor has hired financial services company Lazard to help sell the systems, according to the report. The offering is called “Project One,” and consists of 48 projects that are set to start construction through late 2024.
According to Reuters, the projects account for 2 GW of wind energy, 1.6 GW of solar, and another 700 megawatts of solar that can be integrated into wind systems. Buyers can take all the projects together, or they can be broken down into separate pieces, the report said.
As sustainable and renewable energy expands across the globe, mega deals such as Capital Energy’s plans are starting to become more common.
In May 2023, Oneok said it was acquiring Magellan Midstream Partners for $18.8 billion in a deal that would form one of the largest energy infrastructure companies in the United States. In June, Duke Energy released plans to sell its commercial renewable energy business to Brookfield for $2.8 billion. In July, ExxonMobil said it would acquire carbon capture, utilization and storage, and enhanced oil recovery company Denbury in a deal worth nearly $5 billion.
The Capital Energy plans also show the significant amount of renewable energy that is being developed and financed in Spain. The country is said to be in the top five in Europe in energy demand, and it was reported by Rystad Energy that renewable energy will surpass 50% of Spain’s generation this year. Rystad Energy also said onshore wind accounts for 20% of Spain’s energy generation.
According to the Reuters report, the Capital Energy deal with Lazard includes 45 Capital Energy employees. Capital Energy says it has a portfolio of around 35 GW of renewable energy capacity currently operating or in production.
Reuters reported both companies declined to comment on the sale.