Spanish independent power producer (IPP) Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.
The acquisition covers two portfolios: a 163MW portfolio owned by Helia II FCR, an investment vehicle launched by Bankinter Investment SGEIC and Plenium Partners; and a 97MW portfolio owned directly by Plenium Partners. Velto estimated the value of the transaction at around €1.1 billion (US$1.3 billion), and said the transaction forms part of its plan of “consolidating assets”.
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“This acquisition reinforces Velto’s objective of expanding its presence in the Iberian Peninsula—covering more than 80% of the national territory,” said Velto CEO Lucas de Haro.
Spain continues to be a leader in the European PV industry, particularly for the utility-scale sector. Figures from SolarPower Europe show that Spain added 8.8GW of new capacity in 2024, and is expected to add a further 9GW of new capacity this year, both of which are second only to Germany across Europe.
The same report notes that utility-scale projects are an increasingly important part of the Spanish solar sector, with around half of the solar installations in Spain in this sector. Indeed, trade body Asociación de Empresas de Energías Renovables (APPA Renovables) reported that, for the third year in a row, installations of self-consumption systems have fallen in Spain, suggesting a shift away from small-scale solar to the utility-scale sector.
The news follows Velto’s acquisition of 130MW of solar and wind capacity, currently under construction, in France, as part of plans to develop over 500MW of new renewable energy capacity in Europe. The company also inaugurated Europe’s largest floating PV (FPV) project in June, in tandem with Q Energy, and acquired the 9MW La Gineste solar farm in France from the same company.
