In a deal worth €1.1 billion, Velto Renewables has acquired a 163 MW solar portfolio in Spain. The company also announced plans to expand this portfolio to 1.2 GW and enter the Portuguese market.
Velto’s Acquisition in a Booming Spanish Market
This acquisition highlights the significant growth in Spain’s solar energy sector. So far in 2024, the country has already approved 7.2 GW of new solar PV projects, reflecting a strong national commitment to renewable energy.
Future Expansion and National Solar Ambitions
Velto Renewables’ major investment signals strong confidence in the Spanish and Portuguese solar markets. This move comes as Spain launches its own initiatives to boost solar PV manufacturing, backed by over €210 million in funding. These efforts support the country’s broader goal of installing 76 GW of solar PV capacity by 2030, according to PVKnowhow.
