Soltec has sold 65 percent of its 59 MW Campos del Rio solar project in Murcia to TotalEnergies. The price was not disclosed. What was disclosed is a condition: the project will use Soltec's solar trackers and Soltec's construction services. Soltec has handed over control of the asset without handing over the build.
Key takeaways
- Soltec announced on 18 January 2024 that it had sold a 65 percent stake in the 59 MW Campos del Rio solar project in Murcia, Spain, to TotalEnergies, keeping the remaining 35 percent.
- The value of TotalEnergies' acquisition of a 65 percent stake in Soltec's Campos del Rio solar project has not been disclosed.
- The Campos del Rio agreement guarantees that the project will use Soltec's solar trackers and construction services.
- Campos del Rio is expected to generate about 118 GWh a year, enough for about 33,700 households, and to avoid more than 31,800 tonnes of CO2 annually.
- Soltec and TotalEnergies have obtained a favourable Environmental Impact Statement for six solar plants they are jointly developing in Murcia, totalling 352 MW and about 700 GWh a year.
What did TotalEnergies buy, and what did Soltec keep?
TotalEnergies bought majority ownership of an early-stage solar project. Soltec kept a minority stake and, more importantly, the equipment and construction contracts.
Soltec makes solar trackers. A tracker is a mounting system that rotates solar panels through the day to follow the sun, which increases how much electricity each panel produces. Soltec also builds plants and develops its own projects.
That mix explains the structure. A developer that is also an equipment supplier earns money twice from a project: once when it sells the development rights and again when it supplies and builds the plant. By guaranteeing that Campos del Rio will use its trackers and construction services, Soltec has secured the second stream before the first is even fully priced. The 35 percent it retains keeps it exposed to the project's long-term value as well.
For TotalEnergies, the arrangement brings a partner with a direct interest in delivering the plant well. Soltec's equipment and its reputation are both tied to how Campos del Rio performs.
How does Campos del Rio fit the Murcia partnership?
It is one piece of a larger cluster the two companies are building together in the same region. In Murcia, Soltec and TotalEnergies already have the La Asomada solar project in operation and the La Isla project close to operation.
Beyond those, the two companies obtained a favourable Environmental Impact Statement for six solar plants they are jointly developing in Murcia. An Environmental Impact Statement, or EIS, is the formal environmental approval a project needs before it can be built in Spain. Together, the six plants total 352 MW and are expected to generate about 700 GWh a year, avoiding around 5 million tonnes of CO2 over their lifespans.
Campos del Rio's own numbers match that profile. At 59 MW and about 118 GWh a year, the project implies around 2,000 hours of full output annually, a capacity factor of about 22.8 percent. The six-plant cluster works out at nearly the same yield, about 1,989 hours. The consistency suggests similar sites and similar technology across the partnership, which is what a tracker manufacturer would want.
The deal also fits a pattern on TotalEnergies' side. A month later, in February 2024, Leap records TotalEnergies acquiring another 59 MW Spanish solar plant, Dehesa Nueva del Rey, from Synergia.
Why sell now, at the early stage?
Because Soltec has been recycling capital across its portfolio. Along with Campos del Rio, Soltec sold about 1.4 GW of assets during its 2023 financial year, including 850 MW in Denmark, 130 MW in Colombia and 49 percent of a 52 MW project in Italy.
Selling a majority at the early stage, before construction, lets a developer release capital and pass on most of the funding burden for building the plant. The trade-off is price. Early-stage projects carry more permitting, grid and construction risk than operating ones, so buyers pay less per MW. Soltec's answer to that discount is the tracker and construction guarantee, which lets it earn more of the project's value through supply contracts rather than through the sale price alone.
Enerdatics records 19 M&A transactions involving development-stage solar in Spain between July 2023 and June 2024. Only eight carry a disclosed value. Leaving aside a minority-stake deal, seven of those range from about $0.05 million to $0.82 million per MW, with a median of about $0.15 million per MW. The eighth, Norges Bank's purchase of 49 percent of a 674 MW Iberdrola portfolio for $334.68 million, grosses up to about $1.01 million per MW for 100 percent, for a larger portfolio of solar and wind projects. Campos del Rio's price is not among them. If it is ever disclosed, it will need grossing up from 65 percent before it can be compared.
What does the deal signal for Spanish solar?
It signals that in a market where early-stage projects trade at low prices, equipment makers that also develop can capture value through contracts rather than through the sale price. A median of about $0.15 million per MW for priced development-stage solar deals in Spain leaves little premium for the developer. Locking in tracker supply and construction work is a way to earn more from the same project.
It also shows how buyers are reaching for partners with skin in the game. Large investors have taken different routes into Spanish development pipelines. Norges Bank's 49 percent stake in an Iberdrola portfolio transfers only once the projects are operating, leaving construction risk with the developer. TotalEnergies has gone the other way at Campos del Rio, taking majority control early and tying its partner into the build.
For TotalEnergies, the deal is consistent with a focus on utility-scale solar projects where size supports lower unit costs. Campos del Rio and the wider Murcia cluster give it a growing regional position alongside a partner that makes the equipment. What the deal does not reveal is how much TotalEnergies paid for that position.
Frequently asked questions
What stake did TotalEnergies buy in Campos del Rio? TotalEnergies bought a 65 percent stake in the 59 MW Campos del Rio solar project in Murcia from Soltec, which keeps the remaining 35 percent.
How much did TotalEnergies pay for Campos del Rio? The deal value has not been disclosed.
Will Soltec still be involved in building Campos del Rio? Yes. The agreement guarantees that the project will use Soltec's solar trackers and construction services.
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