Independent power producer (IPP) Velto Renewables and energy service provider Q Energy have announced plans to develop over 500MW of renewable energy capacity in Europe.
As part of the agreement, Velto has already purchased five PV and wind projects under construction in France, with a combined capacity of 130MW. Q Energy is responsible for building and commissioning the projects, which consist of two wind plants, two PV projects and one floating PV (FPV) facility, and it expects to commission the projects between spring 2025 and “early” 2026.
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The companies also expect to acquire an additional 400MW renewable energy portfolio in Spain and Portugal “in the coming weeks”, but did not specify the relative capacity of solar and wind assets across the portfolios.
“This investment, in partnership with Q Energy, marks a significant step forward in Velto’s strategic growth,” said Velto CEO Lucas de Haro. “In addition to tripling our energy capacity, the development aligns with our vision to diversify our technological scope and expand our geographical footprint across Europe.”
While Q Energy did not specify which FPV project would be covered by this deal, the company is already building Europe’s largest FPV project in the French department of Haute-Marne. Q Energy expects to complete pre-commissioning work in the first quarter of this year, and secured €50.4 million (US$56 million) in finance for the 74MW project last September.
The news follows a wave of new projects coming online in Europe, led by record installations in Germany and Italy. Last week, a report from sun.store noted that, despite fluctuations in the price of solar equipment in Europe, developers are more optimistic than at any point in the last 12 months, as they have purchased a range of new products ahead of planned project commissioning and expansion.
However, while the European deployment sector remains in good shape, the upstream portions of its supply chain have endured challenges, most notably in the manufacturing sector. Trade body SolarPower Europe launched a new initiative last week, to encourage demand for solar products made in Europe, as it looks to mobilise €300 billion of investment to develop new markets, to which European manufacturers can sell products, outside of Europe.
