- Financial close on seven solar farms across Spain
- Q ENERGY's first IPP projects in Iberia with 10-year PPAs
- Hybridisation with BESS under development
Berlin/Madrid, 2 September 2025. Q ENERGY has achieved debt financial close on “Taurus B”, a portfolio of seven solar PV plants in Spain with a total capacity of 251.71 MWp. Mitsubishi UFJ Financial Group and BNP Paribas were lead arrangers on the financing.
All projects are under construction and in the process of hybridization with battery storage. Q ENERGY is the sole owner, EPC contractor and O&M contractor to all projects. Taurus B also marks Q ENERGY's first IPP portfolio on the Iberian Peninsula. Once operational, the green energy power plants are expected to generate enough electricity to supply 131,000 Spanish households, with expected CO2 emission abatement of over 93,000 tons annually.
The projects have been structured as a portfolio with a strong focus on risk mitigation. The non-recourse debt is raised at holding company level with cross-collateralisation across projects, optimizing financing terms under a hard maxi-perm structure. Commercially, revenues are anchored by 10-year fixed-profile PPAs that protect against the zero-/negative-priced hours and technical curtailment currently observed in Spain. Even if curtailed voluntarily or by the grid during such hours, the projects will continue to receive the fixed PPA price. This brings significant long-term market risk mitigation to the portfolio. The portfolio structure creates a pseudo cross-settlement effect across the otherwise independent PPAs, thereby reducing overall revenue risk. Geographically, the projects are sited in three provinces across the north and southwest of Spain, bringing natural diversification of weather, yield, and grid conditions.
“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. 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”, says Terry Lee, Chief Investment Officer of Q ENERGY.
Project Overview
Brovales
The solar farm Brovales, located in the Spanish region of Extremadura, is close to completion. The PV system with a capacity of 52 MWp will produce enough emission-free electricity to meet the average needs of 27,000 households, avoiding approximately 23,000 tonnes of CO2 every year.
Carmona
Consisting of three PV plants with total capacity of 105 MWp, the largest cluster of the green energy projects is being built north of Carmona in the province of Seville. From the second half of 2026, this power plant alone is expected to produce as much electricity as 54,000 households consume, avoiding more than 36,000 tonnes of CO2. In addition to the PV systems, the development of a 25 MW battery storage facility is currently underway at the same site.
Zaratan
The Zaratan cluster consists of three adjacent solar plants in the region of Castile and León and will generate enough fossil-free electricity to supply nearly 50,000 Spanish households with green energy, saving 33,000 tonnes of CO2 annually. The PV plants are expected to be completed by the end of 2026. In addition to the PV systems, the development of a 75 MW battery storage facility is currently underway at the same site.
Advisory partners
Uría Menéndez acted as legal advisor and KPMG as financial advisor to Q ENERGY. A&O Shearman acted as legal advisor and G-Advisory as technical advisor to MUFG and BNP Paribas.
About Q ENERGY
Q ENERGY is Europe's provider of holistic solutions for green power plants. The company is active along the entire value chain of renewable energy projects - from solar parks, onshore and offshore wind projects to energy storage solutions and hybrid power plants. Nearly 600 employees in the Berlin headquarters and further international offices are currently driving a development pipeline of 8.5 GW across Europe. Building on more than 25 years of experience and +2.5 GW completed renewable energy assets, Q ENERGY is currently active in Spain, Portugal, France, and Germany as well as in Italy. Together with its independent sister company Hanwha Qcells, Q ENERGY forms the energy division of its mother company and top-tier Korean enterprise Hanwha Solutions Corporation.
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