The race to expand renewable energy capacity in Europe is gaining momentum, and Spain is at the center of this transition. Q ENERGY has successfully secured non-recourse debt financing from MUFG and BNP Paribas to drive forward the ambitious Taurus B solar plus battery energy storage portfolio. This landmark financing signals not just an investment in clean energy but a bold step toward hybridized power generation across the country.

The financing package is structured at the holding company level with cross-collateralisation across projects, designed under a hard maxi-perm scheme. This approach ensures a robust framework for long-term financial stability, making it possible to fund multiple interconnected solar and storage assets efficiently. By adopting a non-recourse model, Q ENERGY mitigates risks while allowing investors to back the projects based on their standalone performance, a financing strategy increasingly common in large-scale renewable portfolios.

The proceeds from this financing will be directed toward the construction and hybridization of seven solar PV plants integrated with battery storage systems. Together, these projects form the Taurus B portfolio, boasting a combined capacity of 253 MW across three provinces in northern and southwestern Spain. Notable projects include the 52 MW Cabrovales plant in Extremadura, the 105 MW Seville solar project consisting of three PV plants, and the 96 MW Zaratan cluster in Castile and Leon developed as a single platform. By coupling solar generation with storage, these projects enhance grid flexibility and ensure reliable clean power delivery.

Revenue streams for Taurus B are underpinned by 10-year fixed-profile power purchase agreements, carefully structured to mitigate risks such as zero or negative-priced hours and technical curtailments. This risk-hedged approach provides stable cash flows, reinforcing the financial sustainability of the portfolio. The project also benefited from leading advisory support—Uria Menendez and A&O Shearman provided legal counsel, KPMG advised on financial structuring, while G-Advisory contributed technical expertise. Together, this ecosystem of advisors played a pivotal role in ensuring a seamless transaction.

Q ENERGY’s Taurus B portfolio highlights the growing convergence of solar and storage in Spain’s renewable energy sector. By securing long-term financing and embedding risk-mitigated PPAs, Q ENERGY sets a precedent for future hybrid projects in Europe. As the shift to cleaner energy accelerates, will integrated solar and storage portfolios become the new standard for resilient and profitable renewables?
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