Milan, December 21, 2023 – Innovo Renewables SpA, an Italian company active in the development of renewable energy power generation projects in Italy, the United Kingdom and Spain, has acquired from Shon Energy a 305MW portfolio of projects under development for the construction of four photovoltaic plants in Spain.
The transaction effectively marks the first step in Innovo Renewables’ growth path in the country, following its entry into the market last July with the establishment of a team led by Alejandro Flores, a manager with over ten years of experience in the renewable energy sector.
Spain is the third market in which the Group led by Rodolfo Bigolin operates, after Italy and the United Kingdom.
Specifically, the projects involve the construction of four photovoltaic plants located north of Seville, in Andalusia (2), and in the province of Murcia (2), areas characterized by high solar irradiation, and they also offer development potential for the implementation of energy storage systems (BESS).
The Spanish market, characterized by significant potential thanks in part to its geographic position, is currently in a transitional phase pending the Implementing Decree related to the new guidelines and criteria for Capacity Tender auctions. In this context, the projects acquired by Innovo Renewables stand out for their large plot sizes, proximity to substations, location in areas not subject to environmental or cultural restrictions, and project design that enables the involvement of local communities.
Rodolfo Bigolin, CEO of Innovo Renewables, commented: “The acquisition of the photovoltaic portfolio formalizes Innovo Renewables’ entry into Spain, which represents our third market after the UK and Italy, and strengthens our internationalization path in a particularly important year that saw the entry into our capital of a leading investor such as AVIVA. For a long-term player like Innovo Renewables, it is especially important to establish a position during a transitional phase in a market with high growth potential.”
Marco Tabasso, Chief Commercial Officer, added: “The transaction announced today represents the first building block in the Group’s expansion path in Spain, where we are also looking with great interest at the Battery Storage and wind sectors. Given their characteristics and typology, the quality of the acquired projects provides us with a significant competitive advantage in view of the upcoming Capacity Tender auctions.”
Watson Farley & Williams acted as legal advisor for the transaction, while Solida acted as technical advisor.