Capital Dynamics acquires 317 MW of solar projects in Spain and signs PPAs

Capital Dynamics, an independent private asset manager, recently acquired a 100% stake in six photovoltaic (PV) assets in Spain. These acquisitions, spread over two portfolios, have a combined capacity of 317 MWp. This initiative is part of Capital Dynamics’ strategy to strengthen its presence in the Spanish solar market. The first portfolio includes three solar assets in Andalusia with a combined capacity of 157 MWp, currently under construction and scheduled to be operational by the end of 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 in the second half of 2025.

Energy Sales Agreements

All acquired assets have Pay-as-Produced (PaP) power sales agreements with an S&P 500 company, securing revenues and reducing risk. “These acquisitions represent significant additions 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 offer 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. Capital Dynamics has been investing directly in clean energy in Europe since 2013, currently owning almost 2 GW of subsidy-free assets. Their Clean Energy platform specializes in equity investments in renewable energy projects.

Technical Advisors and Partnerships

For these acquisitions, Baker McKenzie acted as legal advisor, while Everoze and Enertis provided technical advice. This partnership strengthens Capital Dynamics’ position in the European solar market, supported by industry expertise and an extensive industrial network. Capital Dynamics’ acquisition of these solar portfolios in Spain, combined with secure power purchase agreements, underlines their ambitious renewable energy investment strategy. Capital Dynamics is looking forward to a key year of value creation and contribution to cleaner energy, leveraging the growing stability of the Spanish APP market and increased government support.