GreenYellow, owned by the French investment firm Ardian, has reached an agreement with the Spanish business group Enhol to invest 200 million euros in energy projects in Spain. It aims to achieve a total installed capacity of 300 megawatts in the next five years. It will in addition invest in energy efficiency projects to generate savings of around 100 gigawatt hours.

The joint venture will operate under the GreenYellow brand and provide a comprehensive platform of decarbonisation offerings to tertiary and industrial customers in Spain. GreenYellow will bring its experience in decentralised energy transition, such as PPAs for industrial self-consumption and energy efficiency projects, in accordance with the “as a service” model.

The Enhol Group will integrate its range of energy trading solutions with its own production capacity from renewable sources. In addition to exploiting their synergies, they will carry out new activities together, such as energy storage.

A dynamic market
The partnership will give the new company the ability to acquire self-consumption facilities that are already in operation. With these, they will be able to structure PPAs with storage that will cover the most expensive hours of consumption. According to Marcelino Oreja, President of the partnership and GreenYellow Iberia, Spain is “a dynamic market that offers numerous opportunities thanks to its sustained commitment to the energy industry and sustainable investment”.

GreenYellow Iberia Managing Director Nicolas Daunis added, “Thanks to the combination of our 17 years of international experience in promoting this type of project and the strong local knowledge of the Enhol Group, which has been operating in the renewable energy industry in Spain for over 30 years, we will be able to offer our commercial and industrial customers a unique operator in the field of decarbonised energy and energy efficiency”.

The Enhol Group's Business Development Director for the energy industry, Ismael García, did in turn say, “We are convinced that this partnership will bring something new to the self-consumption market in Spain, including the possibility of acquiring operational facilities in order to structure new on-site PPAs by adding storage and thus be able to sell energy at peak hours at a fixed price”.

Three projects in Segovia
The German company IB Vogt has also announced a major investment in Spain. Thanks to a credit line of 350 million euros, it will finance a 418-megawatt solar portfolio consisting of three projects located in the province of Segovia. Three banks are behind the deal: Germany's Nord/LB and Spain's Santander CIB and BBVA.

Specialising in EPC projects covering the entire engineering, procurement and construction process, IB Vogt has already started work on all three projects: Serbal (174 megawatts peak), Castaño (134) and Pato (110). High-efficiency bifacial modules and single-axis tracking systems will be installed in all of them, maximising the power output of the installations.

Long-term sales agreements
The German company plans for the Serbal and Castaño wind farms to enter the commercial operation phase in December 2024, and the Pato wind farm is scheduled to start operation in the first quarter of 2025. The owner will not subsequently sell them, but will instead also handle the subsequent operation and maintenance phases. All three already have a long-term power purchase agreement (PPA) in place for the energy produced.

The expected output of the new portfolio will reach 828 gigawatt hours. As IB Vogt CEO Anton Milner explained, “For the energy transition to be successful, we need ambitious targets and actions”. Heiko Ludwig, the German bank's Global Head of Structured Finance, said that the Iberian renewable energy market “represents one of Nord/LB's key markets”.

^{Photo: GreenYellow}