Suma Capital partners with Efelec Energy to develop solar energy plants
The SC Efficiency & Environment II fund, managed by Suma Capital, that specialises in sustainable infrastructures and combating climate change, has partnered with Efelec Energy by acquiring 80% of its share in Qoichi I. The goal is to provide the resources needed to develop and build small-scale (1 MW) photovoltaic solar energy plants in Spain.
Efelec Energy, a company from Navarra with offices in Pamplona and Zaragoza, designs, develops, promotes and builds solar energy plants, having developed over 500 MW in Italy and Spain.
Qoichi currently has a portfolio of 30 MW in projects, mostly 1 MW each in advanced stages of development, which will begin operating in January 2021. Growth plans for the coming years consider the opportunity inherent in scaling this type of distributed generation assets, hoping to develop and build more than 100 projects with a joint power of 120MW.
These projects have less red tape thanks to their lower environmental impact and simpler, more efficient evacuation infrastructures. So, they take much less time to develop than larger scale projects for renewable energy.
Distributed solar generation is one of the strategic pillars of the energy transition, as it makes it possible to put power generation installations closer to consumption points, avoiding having to move electricity long distances from centralised power plants. This makes them an eco-friendlier power source and reduces dependence on traditional fossil fuels. Furthermore, they are more efficient overall and make the electric system more sustainable.
This operation reinforces Suma Capital’s strategy and commitment to the energy transition through photovoltaic solar plants, too. In addition to this operation, construction just finished on a 22 MW plant in Hinojosa del Valle, Badajoz, and two others are currently being developed, with more than 100 MW installed power.
This investment in Qoichi is the eleventh of this Fund, which focuses on sustainable infrastructures with a measurable, auditable impact on society and the environment with a total of €150 million to invest, already in the home straight.
In total, Suma’s strategy in sustainable infrastructures with an impact has carried out 21 operations and 6 divestments, leveraging over €350 million, over the past 6 years, in sectors associated with the energy transition and circular economy: renewable generation, energy efficiency, sustainable mobility, and waste management and reuse.