Capital Dynamics expands solar investments in Spain with strategic acquisitions

Capital Dynamics, an independent global private asset management firm, has significantly expanded its clean energy portfolio by acquiring 100 percent equity in six solar photovoltaic (PV) assets across Spain. These acquisitions are part of a strategic move to bolster their clean energy business in a region that continues to attract substantial capital investment due to its favorable market conditions.

The acquisitions are split into two distinct portfolios. The first includes a 157 MWp portfolio consisting of three construction-ready solar PV projects in Andalucía, which are currently under construction and are slated for completion by the end of 2024. The second portfolio comprises a 160 MWp of three fully consented, construction-ready solar PV assets located in the Aragon province, expected to reach commercial operations in the second half of 2025.

These projects have entered into Pay-as-Produced (PaP) power purchase agreements with an unnamed S&P 500 company, highlighting the robust PPA market in Spain that allows investors like Capital Dynamics to mitigate risks and enhance asset returns. Both acquisitions have secured all necessary environmental and planning permissions, setting a clear path for immediate construction and future operations.

Dario Bertagna, Co-Head of Capital Dynamics Clean Energy, emphasized the strategic nature of these acquisitions, stating, “Spain continues to be a prime market for our investment strategy, and we expect to deploy substantial capital in the region.” He further highlighted the supportive government policies and stable rate expectations across Europe as pivotal factors for these investments.

Once operational, the combined portfolios are projected to generate clean energy sufficient to offset approximately 3.83 million metric tons of CO2 emissions and power over 195,751 homes annually. This aligns with Capital Dynamics’ ongoing commitment to investing in renewable energy, having been a prominent player in Europe’s clean energy sector since 2013.

The firm’s Clean Energy platform focuses on making direct equity investments in carbon-reducing, renewable power generating projects, from late-stage development through to commercial operations. Their dedicated asset management affiliate, Netro Energy, along with a specialized team of over 35 professionals, supports these investments, showcasing a strong industry network and deep sector expertise.

The strategic acquisitions by Capital Dynamics not only demonstrate their commitment to expanding renewable energy initiatives but also reflect a broader trend in the investment community towards sustainable and responsible investment practices. By leveraging Spain’s conducive market and regulatory environment, Capital Dynamics is set to significantly influence the renewable energy landscape in Europe.