Portuguese company GreenVolt has partnered with Green Mind Ventures (GMV) to establish a new company in Spain. The aim of Sustainable Energy One (SEO) will be to promote, acquire and implement solar energy projects in Spain, for which it has a budget of 170 million euros over the next five years.

Ignacio Madrid, former CEO of Galp Solar and one of GMV's Managing Partners, will take over the management of SEO and will focus on small and medium-sized projects of up to ten megawatts. The plan is to implement the projects for sale at a later date, with the aim of reaching 250 megawatts by 2028.

Capillary network
These types of small and medium-sized projects, similar to distributed power generation, have several advantages that outweigh their size. They also facilitate the expansion of a capillary network and are more relevant in terms of the energy transition that the renewable energy market is leading us towards.

GreenVolt's CEO, João Manso Neto, said that "The commitment to SEO is a result of the company's differentiated perspective regarding distributed power generation, as well as its orientation and access to solar energy projects, and its management and implementation capacity. These projects have already been proven in Spain."

Ignacio Madrid added, "We are aligned with GreenVolt's vision for the energy transition and have complementary qualities. The vision, talent and implementation capacity of João Manso Neto and his team, their international focus and financial strength make GreenVolt a perfect partner for this investment vehicle and for future initiatives."

Commitment to self-consumption
This transaction has taken place less than a month after GreenVolt's acquisition of 50% of Univergy Autoconsumo. Univergy Solar and Remigio Abad, former General Manager of Powen, retain the remaining 50%, with the Portuguese company securing a purchase option.

Univergy Autoconsumo has accumulated a 2.5% market share among SMEs and the industry as a whole since it was founded in 2019. This rapid growth translates into more than 400 projects, a portfolio of 600 megawatts and 3,500 customers. It also has four franchises, a business model it adopted to accelerate growth.

GreenVolt's entry came about through a capital increase of 12 million euros, which the company needed to continue to respond to a rapidly growing self-consumption market.

High implementation capacity
Regarding the transaction, Manso Neto said, "This acquisition clearly reinforces GreenVolt's commitment to the development of solar PV self-consumption  projects in the Iberian Peninsula, this time in the business sector.  Univergy Autoconsumo has demonstrated a high implementation capacity over the past three years, and with GreenVolt's collaboration we are sure that it will be able to accelerate its business plan, while contributing decisively to the reduction of energy costs for Spanish companies and to the generation of clean and renewable energy."

Univergy Autoconsumo CEO, Remigio Abad, concluded that, "GreenVolt's partnership with Univergy Autoconsumo is a great source of satisfaction and will contribute decisively to accelerating the company's growth and the energy transition towards renewable energy sources, extracting the potential that the Iberian Peninsula has not yet been able to tap."

^{Photo: GreenVolt}