Spanish merchant PV proponent Renovalia changes hands to Italian owner

Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: Renovalia Energy Group

A major infrastructure investor in Italy has cited Spain’s renewable credentials after completing the acquisition of a PV developer, a firm with merchant projects under its belt.

This week, Milan-based fund manager F2i announced it has signed an agreement to take over Spanish renewable developer Renovalia Energy Group, a deal that will see the business change hands from current private equity owner Cerberus Capital Management.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

For F2i, the purchase of Madrid-based Renovalia marks its entry into a buoyant Spanish PV ecosystem. The buyer, currently the owner of an 853MW solar portfolio in its Italian home market, will be adding an extra 1GW of Spanish assets through the Renovalia takeover.

In a prepared statement, F2i explained its new 1GW of Spanish PV includes a 102MW portfolio of up-and-running plants – nine installations all in all – and a further 850MW of projects under development in Spain.

The Italian fund manager, who is investing via its EF Solare subsidiary, used the statement to shed light on the reasons bringing it to Spanish solar. The Southern European state – working towards installed PV targets for 2030 (37GW) – represents a “promising” home for PV projects, F2i said.

“Spain offers rapid bureaucratic, authorisation and grid connection processes,” F2i argued. “The government has just approved legislation extending the current rate of remuneration for regulated activities for the next 12 years, thus creating a stable and favourable regulatory environment.”

The Italian group described its takeover of Renovalia – supposedly Spain’s fourth largest PV developer – as “strategically very important”. The acquisition marks Renovalia’s latest ownership change since 2016, when private equity outfit Cerberus fully bought it off the Ortega Martínez family and IDM Ortemar SL.

The new owner finds Renovalia working to deploy one of the merchant-only PV projects emerging to date in Spain, an implicit endorsement of the subsidy-free potential that has pushed the country into the global spotlight after years of stifled deployment.

In August, news emerged that one of Spain’s top banks – €220-billion-plus Banco Sabadell – had agreed to sponsor a 79.2MW PV pipeline Renovalia is planning in the Ciudad Real province, without support from auctions nor power purchase agreements (PPA).

The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February) and Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

August 29, 2025
Chinese module maker JA Solar has launched DesertBlue, a PV module designed for desert and semi-arid regions. 
August 29, 2025
US grid interconnection agreements grew by 33% in 2024, reaching 75GW, with three-quarters signed for solar PV and battery energy storage system (BESS) projects, according to a new report from energy market analyst Wood Mackenzie.
August 29, 2025
Meridian Energy and Nova Energy have established a JV to build and operate a 400MW solar plant in Rangitaiki near Taupo in New Zealand.
August 28, 2025
Indian solar manufacturing firm INA Solar has broken ground on its fourth 4.5GW cell production plant in Narmadapuram, Madhya Pradesh.
August 28, 2025
Boviet Solar has completed exterior construction work on its 3GW PV cell manufacturing facility in Greenville, Pitt County, North Carolina. 
August 28, 2025
Venture capital firm Pacific Channel has launched Fund V, which targets 10GW of solar, wind, and energy storage in New Zealand.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines