This week has been marked by significant developments in the Spanish clean energy sector, including Sonnedix acquiring a 12.6MWp PV project in Badajoz, Prosolia Energy purchasing EDP’s 190MWac solar portfolio for €160 million (US$184.5 million) and Iberdrola Spain signing a 34MW power purchase agreement (PPA) with Burger King.
Sonnedix acquires 12.6MWp PV project in Spain
Spanish independent power producer (IPP) Sonnedix has acquired a 12.6MWp solar project from Nordic Solar, located in Badajoz, around 398km southwest of Madrid.
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The Boreal PV plant operates under the Feed-in Tariff (FiT) scheme, providing long-term revenue visibility, stable cash flows and reduced exposure to market volatility. The acquisition brings Sonnedix’s operating capacity of over 1.25GW in Spain.
Eversheds Sutherland served as legal and tax advisors, KPMG led the financial due diligence and Vector Renewables handled the technical assessment for the transaction.
With a total capacity of over 12GW, Sonnedix has a development pipeline of almost 7GW, across Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, the US and the UK.
Recently, Sonnedix raised €2 billion through two refinancing deals in Europe. The first, for €595 million (US$686.8 million), closed in June 2025 to support its 154MW Spanish portfolio. The second, for €1.37 billion (US$1.58 billion) completed in July, refinanced over 1GW of solar assets across France, Italy, Poland, Spain and Portugal. The transactions consolidated 12 project financings into two, creating a scalable debt platform to drive growth, hybridisation and capital efficiency.
Prosolia Energy acquires 100% stake in EDP’s 190MWac solar portfolio
Spanish independent power producer (IPP) Prosolia Energy has acquired 100% equity stake in Portuguese utility company EDP’s 190MWac solar portfolio in Spain.
The sale and purchase agreement signed between Prosolia and EDP’s subsidiary EDP Renováveis (EDPR), is estimated at €160 million (US$184.5 million). The transaction includes five operational solar plants located in the regions of Andalucía and Castilla y León, each with an average asset life of less than one year. All projects are backed by long-term PPAs
With this transaction, EDPR has secured €800 million (US$923 million) toward its €2 billion (US$2.3 billion) asset rotation target for 2025. The acquisition is expected to close in 2025, subject to regulatory and customary closing conditions.
Iberdrola Spain signs 34MW PPA with Burger King
Iberdrola Spain – Spanish energy utility giant Iberdrola’s subsidiary – has signed a PPA with Burger King for 34MW of capacity.
As per the terms of the agreement, Iberdrola Spain will supply the restaurant chain with a total of 1,900GWh of PV energy, supporting Burger King’s transition to renewable energy and enhancing its energy security. The agreement now covers 109MW, enough to meet the annual energy demand of over 900 restaurants in Spain.
By the end of 2023, Iberdrola’s total solar capacity stood at 5,953MW. Under its 2024–2026 Strategic Plan, it aims to add 2.1GWW and reach 14GW by 2025. The company has extensive PPA experience across nine countries including Spain, Portugal, Germany, Italy, the UK, the US, Brazil, Mexico and Australia, covering both wind and solar projects.
In the first quarter of 2025, Iberdrola reported net profits of €2 billion (US$2.28 billion), a 26% rise from Q1 2024. EBITDA reached €4.6 billion (US$5.3 billion), with half generated from the US and UK. The company invested a record €2.72 billion (US$3.1 billion), up 14%, and its market capitalisation hit an all-time high of €100 billion (US$115.4 billion), making it one of only two energy firms to reach that mark.
