July 30, 2023
By Andres Gonzalez

Capital Energy to sell $1 billion renewable energy portfolio, sources say

LONDON, July 30 (Reuters) - Spanish-based renewable energy investor Capital Energy has hired Lazard to sell a portfolio of 4.3 gigawatts (GW) of onshore wind and solar power plants in Spain, according to the sale of documents seen by Reuters.

The portfolio of assets is estimated to be worth up to $1 billion, according to two sources with knowledge of the deal, although final valuation will depend on due diligence of the projects.

The sale, named "Project One", consists of 48 projects ready to start construction within the next 15 months amounting to 1.6 GW, 0.7 GW of solar PV potential that can be integrated into the wind portfolio and 2 GW of early-stage wind assets.

The bidders could either offer to buy the projects that are closer to completion, a separate parcel of less developed assets, or both, the sources said.

Capital Energy and Lazard declined to comment.

One gigawatt of power is roughly equivalent to the average production from one nuclear plant, although renewable power is intermittent.

Spain has drafted a renewable strategy to increase targets for wind generation capacity to 62 GW, from 50 GW, photovoltaic solar generation capacity to around 76 GW, and power storage capacity to 22 GW.

According to the materials distributed by Lazard, the sale includes a team of 45 employees of Capital Energy.

Currently, Capital Energy employs 355 people and holds a renewable portfolio of 25 GW, out of which 10 GW are in advanced development with granted access to the Spanish power network.

Bidders should send indicative bids at the beginning of October.

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