Q-Energy has acquired Torresol Energy, the owner of three solar plants in Seville and Cadiz, Spain. No financial terms were disclosed.
London/Madrid – Q-Energy, the global platform investing in renewable energy, has announced today the acquisition of Torresol Energy Investments, S. A. (“Torresol Energy”) from SENER, a leading Spanish multinational company in engineering and technology, and Masdar, one of the world’s leading renewable energy companies and a subsidiary of Mubadala Investment Company.
Torresol Energy is the owning company of three concentrated solar plants with a total capacity of 120MW located in Seville and Cadiz. The acquisition also includes the plant´s operating company, Torresol OM. Across both teams, the business employs more than 100 people.
Founded in 2008, Torresol Energy is the result of the alliance between SENER and Masdar, In 2011, the innovative Gemasolar plant (20MW, Fuentes de Andalucía – Sevilla) – the first plant in the world to operate on a commercial scale with central tower receiver technology and thermal storage system in molten salts – and the Valle 1 and Valle 2 plants (100MW, San José del Valle – Cádiz), with two twin parabolic installations, entered into commercial operation. All three plants use SENER’s own technology.
All Torresol Energy plants are equipped with heat storage through the use of molten salts, allowing them to supply electricity also at night, ensuring a consistent and manageable renewable energy supply. The technological advances of Torresol Energy plants have been developed by SENER, a worldwide-leading company in the concentrated solar energy sector.
The acquisition has been carried out through Q-Energy Fund IV, the fourth vehicle managed by Q-Energy, consolidating Q-Energy’s position as a leading investor and manager of solar plants and wind farms in Spain and Germany, with now more than 6 billion euros invested in the sector since 2007, and more than 1 GW under management in more than 150 plants located both in Spain and across Europe.
The operation will ensure the continuation of renewable generation in these three plants, which currently generate enough energy for the supply of clean energy to 100,000 households, further enhancing the commitment from Q-Energy to the sustainable energy transition – the only activity it has been dedicated to since its inception. The closing of the transaction will be formalized over the coming weeks.
According to Iñigo Olaguibel, Founding Partner of Q-Energy: “This operation further strengthens Q-Energy’s renewable energy sector consolidation strategy and our commitment to the energy transition as a fundamental pillar to ensure a sustainable future for our society.
Through Q-Energy IV, our fourth renewable energy fund aims to invest more than $4 billion in the sector in the coming years, solidifying our leading position not only in operating assets, but also in the development of new renewable assets, as we are already doing today in the geographies in which we are present. We are delighted of having a team that is a point of reference in the concentrated solar energy segment worldwide.”
For his part, Enrique Sendagorta, president of Torresol Energy, has noted that “Q-Energy, a leader not only in the Spanish but also European renewable energy market, becoming the new owner of Torresol Energy is the best outcome for the continuity of the operation of plants and equipment. Torresol Energy has managed to achieve excellent levels of operation across its three facilities. We have been pioneers through the launch of a plant like Gemasolar – the first of its technology to supply clean energy 24 hours a day – which was made possible by our shareholders SENER and Masdar.”
The sellers have been advised on this transaction by Banco Santander and Latham & Watkins. Q-Energy has been advised by Lazard & Cia and Garrigues.
Founded in 2007, the Q-Energy team is composed of more than 150 renewable energy professionals, and has invested more than EUR 6bn in the renewable energy sector worldwide. Q-Energy’s investment has been channeled through investment v vehicles: Fotowatio/FRV, Vela Energy, Q-Energy III and Q-Energy IV. Q-Energy provides a comprehensive investment and asset management service, applying sophisticated monitoring and control processes as well as modern technology systems. Through this, Q-Energy manages to manage its assets in real-time achieving remarkable financial and operational efficiencies. Following this operation, the Q-Energy team will manage more than 1 GW in solar photovoltaics, 170MW of concentrated/thermoelectric solar power (CSP) and 130 MW of wind energy across Spain, Germany and Italy.
SENER is a private engineering and technology group founded in 1956, which seeks to offer its customers the most advanced technological solutions and that enjoys international recognition thanks to its independence and its commitment to innovation and quality. SENER has 2,350 professionals across its centers in Argentina, Australia, Belgium, Brazil, Canada, Qatar, Colombia, South Korea, Chile, China, United Arab Emirates, Spain, United States, Morocco, Mexico, Poland, Portugal, United Kingdom and South Africa. The group’s regular operating income exceeds EUR 433 million (2019 data).
SENER combines expertise in Aerospace and Engineering, as well as holding industrial stakes in energy-producing companies. SENER Aerospace has over 50 years of experience and is a world-class provider for Space, Defense and Science. SENER Engineering has become a world reference company in the Infrastructure, Energy and Naval sectors.
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia and Uzbekistan.