Mirova, via its fifth energy transition fund, has acquired a portfolio of solar and energy storage assets in the Balearic Islands from Q-Impact and Qualitas Energy.

The Natixis Investment Managers subsidiary is investing an unspecified amount on behalf of the Mirova Energy Transition 5 (MET5) fund to buy the portfolio of ready-to-build hybrid assets, comprising solar photovoltaic parks with a total capacity of nearly 60MWp, with a potential additional storage capacity up to 120MWh.

The asset, located in the municipality of Mahon in Menorca Island in Spain is expected to start construction by mid-2024 with an expected commissioning date in early 2026, Mirova said.

Hélène Dimitracopoulos, an investment director at Mirova, said: “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, said: 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 Balaca, a partner at Qualitas Energy, said: “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.”

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