Mirova acquires a portfolio of solar PV and storage assets in the Balearic Islands from Q-Impact and Qualitas Energy

15/05/2024 – Madrid & Paris

  • Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, signed an agreement for the acquisition of a portfolio of “ready-to-build” hybrid assets, constituted of two solar photovoltaic (PV) parks with a total capacity of nearly 60 MWp, with a potential additional storage capacity up to 30 MW/120MWh. The asset, located in the municipality of Mahon in Menorca, has been developed by Qualitas Equity and Q-Impact.
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Groundbreaking ceremony of Menorca II with Pablo Valencia, Q-Impact Partner; Adriano Tutello, Technical Director at Mirova; Adolfo Vilafranca, President of Consell Insular de Menorca; and Héctor Pons, Mayor of Mahón

The project consists of one “ready-to-build” solar PV plant and it is expected to start construction by mid-2024 with an expected commissioning date in early 2026. The annual production is estimated to be up to c. 138,000 MWh or approximately 30% of the annual electricity demand of the island of Menorca. Specifically, the PV plant will have a c. 60.0 MWp installed capacity, which would make it the largest solar plant in the Balearic Islands when completed.

With this transaction executed with the fund Mirova Energy Transition 5 (MET5) , Mirova continues to finance proven technologies needed for clean energy infrastructure essential to the decarbonization of energy production, storage, and consumption in Europe.

Hélène Dimitracopoulos, Investment Director at Mirova, comments: “These renewable energy assets are expected to drive impactful change and will contribute to shape a resilient, greener future in the Balearic Islands. We are thrilled by this opportunity to strengthen our presence in Spain, relying on Qualitas Energy and Q-Impact’s strong experience and anchorage in Menorca”.

Pablo Valencia, Managing Partner at Q-Impact adds: The development of these projects highlights the importance of the public and private collaboration in order to guarantee the required investments to foster the energy transition. Q-Impact and Qualitas Energy have been working in these projects since 2019, developing them with the utmost respect of social and environmental factors. The scale of these projects will kickstart a real energy transition in Menorca, significantly limiting the current emissions and pollution of the Mahon thermal plant.

Manuel Espinosa, Partner at Qualitas Energy says: “Partnering with Mirova through this acquisition marks a significant milestone for Qualitas Energy, since we entrust these assets to a partner who mirrors our vision of a more sustainable future for generations to come. This collaboration exemplifies our shared commitment to propelling the energy transition in the Balearic Islands and throughout Spain, fostering the development of clean energy infrastructure.”

Mirova was advised by Astris as financial adviser; CMS-ASL and Linklaters LLP as legal advisors; Vector Renewables and Everoze as technical advisors; WTW as Insurance adviser. Qualitas Energy was supported by PwC as financial adviser; Gomez-Acebo & Pombo as legal adviser; G-Advisory as technical advisor.

About Qualitas Energy
Qualitas Energy is a leading investment and management platform focused on renewable energy, energy transition, and sustainable infrastructure investment. Since 2006, the Qualitas Energy team has managed investments of more than €11 billion in renewable energy worldwide. These investments have been deployed through five vehicles: Fotowatio / FRV, Vela Energy, Q-Energy III, Q-Energy IV, and Q-Energy V. Qualitas Energy’s existing portfolio currently holds 5 GW of operating and development energy assets, including 3 GW of wind, more than 1 GWp of solar PV, 242 MW of solar thermal power (CSP), 180 MW of renewable natural gas, 63 MW of battery, and 60 MW of hydroelectric power assets across Spain, Germany, the UK, Italy, Poland, and Chile. Since 2020, Qualitas Energy has produced sufficient energy to power 1.54 million homes and, since 2021, has successfully avoided emissions of 1.32 million metric tons of CO2 equivalent. The Qualitas Energy team is composed of more than 690 professionals across twelve offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, and Santiago.