German renewables developer Q Energy has achieved financial close on a 252-megawatt-peak (MWp) portfolio of seven solar photovoltaic (PV) plants in Spain, marking a key step in the company’s expansion as an independent power producer (IPP) on the Iberian Peninsula.
The projects, grouped under the Taurus B portfolio, are currently under construction and are being hybridised with battery energy storage systems (BESS). Once operational, the plants are expected to supply enough electricity to power around 131,000 Spanish households and offset more than 93,000 tonnes of carbon dioxide emissions annually.
Q Energy is acting as the sole owner, engineering, procurement and construction (EPC) contractor, as well as the operations and maintenance (O&M) provider for all seven projects.
Financing for the portfolio was arranged by Mitsubishi UFJ Financial Group (MUFG) and BNP Paribas, with the structure designed to mitigate risk through non-recourse debt raised at the holding company level and cross-collateralisation across the assets.
Commercial revenues for the portfolio are supported by 10-year fixed-profile power purchase agreements (PPAs), which shield the projects from price volatility and technical curtailment risks. According to Q Energy, the agreements ensure that even during zero or negative-priced hours, or in cases of grid curtailment, the projects will continue to receive the fixed PPA price.
“The successful financing once again underlines the robust planning of our projects, which not only rely on PV, but also offer further attractive revenue opportunities in combination with BESS,” said Terry Lee, chief investment officer at Q Energy. “We are grateful for the trust and commitment of our financing partners in our projects, and we are excited to launch Q Energy’s first IPP portfolio in Iberia.”
The Taurus B portfolio includes projects across three provinces in northern and southwestern Spain. Among them is the 52MWp Brovales solar farm in Extremadura, which is nearing completion. The largest cluster is located near Carmona in the province of Seville, where three plants totaling 105MWp are under construction alongside a 25MW battery storage facility.
In Castile and León, the Zaratan cluster includes three adjacent PV plants and a 75MW battery storage system currently in development. All plants in the portfolio are expected to be completed by the end of 2026.
