continues to grow in Spain. The private equity manager will launch its fifth renewable fund next year after having invested more than 4,000 million euros in our country (including debt), with its fourth vehicle, Q-Energy IV, closed in June 2021 with 1,100 million. The fifth fund will at least double the size of the previous one, the largest European fund specializing in renewables, which will culminate its investment during the first half of 2022. As confirmed to the Economist Íñigo Olaguíbel, CEO Q-Energy, “Spain will receive approximately 70% of the total investment of the fourth fund specialized in renewable energy assets, energy transition and sustainability”.
Q-Energy is the main investor and manager of solar plants and wind farms in Spain and Germany. At the end of 2021, its fourth fund, Q-Energy IV, has disbursed 75% of its resources. For this reason, the Spanish manager is already working on the launch of its fifth fund, Q-Energy V, with which it expects to greatly exceed the size of its predecessor.
“We invest in all kinds of renewable energy generation assets, regardless of the technology, whether solar photovoltaic, thermosolar or wind,” explains Olaguíbel. “Since we closed the first operation of the fourth fund -in July 2020-, we have invested or committed more than 800 million capital in renewable assets, both solar and wind, in Spain, Germany, Italy and Poland. Of that volume, around 610 million have been allocated to Spain, both in operation and in development”.
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Q-Energy currently has more than 1.2 GW of assets in operation in Spain, including a stake in one of the largest photovoltaic parks in Europe: Mula in Murcia, with close to 500 MW. With its fourth fund, it has added 420 MW of capacity to its portfolio of managed assets and has a current portfolio of 300 MW in operation in Germany. The almost 300 MW of wind power in the German country, once repowered, will mean a generation capacity of 490 MW. Over the next few months, Q-Energy will continue to develop the same strategy until the investment of its fourth fund is completed: solar assets in operation in Spain and wind farms in Germany mainly.
Beyond Spain and Germany, its main markets, Q-Energy has begun to operate in two other European geographies, thus advancing in its objective of internationalization. “We have acquired an 83 MW photovoltaic project under development in Poland, expandable by an additional 30 MW, and a portfolio of projects in a more initial state of up to an additional 3 GW,” explains Olaguíbel. The manager has seen an attractive market in Poland -due to the low degree of penetration of sustainable technologies- and has reached an agreement in Italy to develop photovoltaic assets in different stages of development with a pipeline of 170 MW.
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