Given the current recession and economic uncertainties in Spain, big deal flows have virtually come to a halt. But one sector is holding up strong and continues to attract investments, across asset funds, large corporates and startups.
Spain's renewable energy sector is "booming," says an industry survey by online business media platform El Economista. Noting a slew of major investments closed in the sector despite the country being under Covid-19 lockdown since March 14, the report linked the sector's attractiveness to its predictability and boost from favorable regulatory conditions, as well as from the ruling government's commitment to transitioning to a 100% renewable energy electricity system by 2050.
Those major deals include a 40% share sale in Spanish renewable energy play Viesgo to Australia's Macquarie Group for €1.2bn and a 33% stake sale worth €600m in another renewable energy giant, Acciona, by KKR, which saw Acciona raising its own control to 75% from 66.67% and