Engie buys 51% stake in Goya wind project from Mirova

The French company targets renewables for growth in the Spanish market

French energy company Engie is continuing its strategic growth project in the Spanish market through renewable energy. The latest transaction was the acquisition of 51% of the Goya project that was in the hands of the French company Mirova, a subsidiary of Natixis Investment Managers, which specialises in sustainable investment.

Engie's stake in the Goya project has thus grown from 15% to 66%. This is a group of seven wind farms spread over four towns in the province of Zaragoza: Aguilón, Azuara, Herrera de los Navarros and Fuendetodos. In operation since 2020, they add up to a total installed capacity of 194 megawatts peak.

Strategic position
The purchase supports Engie's strategic position in the Spanish renewable energy market. The company currently operates and manages an installed renewable capacity of 1,700 megawatts peak in Spain, 1,500 megawatts of which come from wind energy, 136 from solar power and 65  from hydroelectric energy.

In addition to its size, the Goya project is notable for being the first of its kind in the Spanish market to be built without subsidies. It was also the first to sign a corporate power purchase agreement (PPA), which was established with Engie for a period of 13 years.

A flagship project
Engie Spain CEO Loreto Ordóñez defined it as an “emblematic project, because it has demonstrated the group's commitment and interest in the Spanish energy industry by promoting a long-term project that enables clean energy to be generated. With the acquisition of the stake previously held by Mirova, Engie is increasing its ambition and commitment to actively making a contribution to building a future with energy that is cleaner, more sustainable and more affordable for all.”

Mirova's Head of Energy Transition Funds, Raphael Lance, did in turn describe it as “a landmark transaction for Mirova Eurofideme 3, as it is the first project developed by Forestalia under the new Spanish tendering regime of 2016. It took a lot of dedication, creativity and energy from our investment team, industry partners and financiers to make it happen. We are pleased with this new transaction with Engie, a long-standing partner of Mirova with whom we have worked on many wind, solar and hydro projects across Europe.”

Photo: Engie