Canadian institutional fund manager Caisse de dépôt et placement du Québec (CDPQ) has acquired a portfolio of 73 Spanish solar plants from renewables investor Q-Energy.
The assets, which have a total capacity of 216MWp, will form the basis of a new CDPQ platform dedicated to green energy infrastructure in Spain.
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With a goal of reducing its carbon intensity by 25% per dollar invested between 2017 and 2025, CDPQ has been an active player in the solar industry in recent years. The company owns a majority stake in North American green energy company Invenergy Renewables and has previously provided financing for both Lightsource BP and Sunrun to develop their solar offerings.
Emmanuel Jaclot, head of infrastructure at CDPQ, said the deal with Q-Energy is a milestone in the deployment of its long-term European infrastructure strategy. “With this transaction, we are laying the foundation of our renewables platform in Spain, which will allow us to progressively increase our presence in this key renewable market and achieve CDPQ's carbon intensity reduction targets.”
Following the transaction, which is expected to be finalised in the coming months, Q-Energy will continue to provide operations and maintenance services for the 73 assets.
Madrid-headquartered Q-Energy currently manages more than 150 renewable energy plants across Spain, Italy and Germany, generating over 1.3GW of power. The company’s founding partner, Iñigo Olaguibel, said it has plans to continue investing in the renewable sector through its new Q-Energy IV Fund.